Hey everyone and Happy Friyay.
Well, the crypto market took a big Dump lately, so is it over from a TA perspective? Lets find out...
As we can see on the Image above the BTC chart broke down from its short term range of 52k to 45.5k $ and found support on the 40.5k $ Area the two white lines represent a support Area which is very important as its the last significant low on a major scale (the weekly chart).
Why do i have a White line on 37k then? Well from a TA perspective the structure of a uptrend on a major and macro scale would be broken IF a weekly close happens below 40k basically. 37k is important the because of the Hash Ribbon Signal!
As you can see the last time the Hash Ribbon Signal flashed a buy signal on the 37k minor low. The Hash Ribbon Signal is fairly consistent in the past. as you can see here. https://www.tradingview.com/x/jjXtwwjr/ I Marked of everyone blue Hash Ribbon buy signal back to 2015.
So do I think we have entered a bear market? Mostly likely not yet. Yes it's painful and the fear and greed index reflects that with a read of 18 but we are still have some big hopes going on for the chart.
I will keep you all updated on what happens the coming days and weeks.
Thanks for reading,
Disclaimer - The content in this Article and on this channel are not intended to be financial advice. The content in this Article and on this channel are only intended for entertainment and educational purposes only!
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Thumbnail image found here https://www.pexels.com/photo/man-with-dreadlocks-holding-a-burning-money-8369833/
