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Bitcoin is dead for the 2341th time
Lol.
How many drops in bitcoin’s history?
Well, a lot and every new bull-run, newbies enter the market hoping for fast and easy money.
Actually newbies are also often caught into pyramidal schemes and many more things, but I am not going to talk about them in this article.
Let’s check in what phase of the market we are right now.
In the picture I highlighted three different trends. The purple one was the first raising trend.
The green one has been the real Bull-run.
The red one highlighted the Reversal.
This chart was made on 15th may to find out what would have been the key support level where an eventual break could bring to a further bear market.
And here it was.
I am saying “further bear market” because I consider BTC in a Bear Market from the end of may, when a lower low was made, later confirmed from a lower high.
In this second chart we can see the Primary Trend + Secondary Trend. The timeframe used is on 4H.
Primary trend is Bearish.
Secondary Trend (blue lines) is Bearish as well.
We also see a peak in volumes where some billions in USD of long positions were liquidated on 19th May.
What I am looking at, right now?
The breakout of the upper blue line may represent a first reversal indication, with a consistent breakout (full daily candle closure) since a shadow would not be enough.
The breakout of the lower blue line with a particular attention to the 33.000 USD level, that has been the lower limit of the second shadow that we saw on 21st May.
What if you bought your Bitcoins at ATH?
Well, I am not going to say “shame on you”. Just giving you two small advices:
1 - create an accumulation plan
2 – evaluate on the levels I wrote here above and your own analysis, where you can sell your position to save USD and accumulate more BTC.
Stay safe!
