BitcoinPanjang
Price keeps repeating the same pattern in that bear market
Since we entered a bear market, price seems to have the same pattern when it bottoms and bounces.
We can see first that every bounce has been less and less impulsive so if that one we are currently seeing is actually our bounce, this should take more time and be weaker than the previous ones. We don't have any change in volume so I still believe we are in a bearish trend.
We can also see that every time we broke the log trendline support, we retested it in the same manner. We first broke it to the upside, leading people to believe that we were back in a bull market. We eventually retraced and on the way back up we turned it into resistance.
Concerning the RSI, this is one of the most important data : in a bear trend, 60 usually acts a a resistance (40 would act as a support in a bull trend). So I'll be watching RSI when we get closer to that zone.
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We can see first that every bounce has been less and less impulsive so if that one we are currently seeing is actually our bounce, this should take more time and be weaker than the previous ones. We don't have any change in volume so I still believe we are in a bearish trend.
We can also see that every time we broke the log trendline support, we retested it in the same manner. We first broke it to the upside, leading people to believe that we were back in a bull market. We eventually retraced and on the way back up we turned it into resistance.
Concerning the RSI, this is one of the most important data : in a bear trend, 60 usually acts a a resistance (40 would act as a support in a bull trend). So I'll be watching RSI when we get closer to that zone.
If you like my work and want to show your support, please LIKE/FOLLOW. This helps me to know what kind of content you enjoy !
Don't forget to follow me on
Telegram
Youtube
Medium
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