Pullback or incoming dump? Bull run or dead cat bounce?
BTC has made an impressive showing the past couple of weeks.
It has blasted all the way to 50k and dragged the ailing alt coin market with it.
It finally started slowing down and it appears time for a pull back.
This is the major test whether the bull run is on or if this was a dead cat bounce.
Holding 47k is crucial. I expect we'll come down first and retest 42k then we will see whether a bounce happens and we are able to go back over 47k. If the retest can hold 47k then a new ATH is in the cards or at least 60k and the bull run is officially on. If we can't hold 42k though expect 36 and a trajectory below 30k.
A few things to consider.
BTC has formed an ascending wedge which is considered a bearish sign, expect BTC to break to the downside. On lower time frames it looks to have already done so.
RSI has already broken to the downside. If the bull market is back on then it needs to come back up and stay above 60 and ideally make pushes above 70 or 80.
Volumes have petered out so at the very least price will go sideways for a bit.
Possibly forming the B wave in a larger downtrend.
In the non-crypto world the stock market is looking very weak. If the stock market starts correcting then watch out for major moves to the downside.
It has blasted all the way to 50k and dragged the ailing alt coin market with it.
It finally started slowing down and it appears time for a pull back.
This is the major test whether the bull run is on or if this was a dead cat bounce.
Holding 47k is crucial. I expect we'll come down first and retest 42k then we will see whether a bounce happens and we are able to go back over 47k. If the retest can hold 47k then a new ATH is in the cards or at least 60k and the bull run is officially on. If we can't hold 42k though expect 36 and a trajectory below 30k.
A few things to consider.
BTC has formed an ascending wedge which is considered a bearish sign, expect BTC to break to the downside. On lower time frames it looks to have already done so.
RSI has already broken to the downside. If the bull market is back on then it needs to come back up and stay above 60 and ideally make pushes above 70 or 80.
Volumes have petered out so at the very least price will go sideways for a bit.
Possibly forming the B wave in a larger downtrend.
In the non-crypto world the stock market is looking very weak. If the stock market starts correcting then watch out for major moves to the downside.
