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Bitcoin Enters Bear Market

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Back in December i posted the 65% drop assuming we would drop as much as we did back in 2014 bubble and we did it was actually a 70% drop.

Currently i see another signal this time it involves the EMA lines and assuming we will retrace once again as much as we did back in 2015.

This signal it's known as the death cross when the 50 EMA line crosses below the 100 EMA line (Green and red lines)
Back in October 2015 the 50 EMA line cross up the 100 EMA and it went on to perform an almost 3 year bull-trend finishing on 20,000$. Now it seems we are entering a long term bear trend, in the past when bitcoin -3.10% entered a bear market it dropped around 85%-89% from the top. If the market is set out to do this once again this will mark the bottom around 2500$-3000$ from current top which also aligns with the long term uptrend created since October 2015, (of course there are possibilities some exchanges create some wicks below 2000$ due to massive panic in the market giving some people great buys)

This is a long term outlook and it could take months or even years to happen.

Be safe.

交易开始

1 Year old uptrend line (Yellow line on chart) has been broken, next uptrend line currently at 2500$ (Black line)

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Closing above 9700- 10k with strong buy volume will signal the end of bearish trend.

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I'm expecting 3k could arrive as late as 2019 January, for this reason i think there could be a big bounce around 5k first and then sideways around 7-8k.

But it's important to note that once we close below Annual EMA things will go south fast.

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You can see Anual EMA here providing constant support

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BTC could correct up to 9k, in the most bullish scenario it could go to 11k.

But i'm still bear long term since 3k seems plausible.

3k By January 2019

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Looks like a 4th re-test at bearish trendline. I think at the 5th one we break it.