Alert: Bitcoin Bulls Nearing Breakdown,Is the 2023 Bull Run Ova?
Updated
Alert! Bitcoin Bulls Nearing a Critical Breakdown - Could This Spell the End of the 2023 Bull Run?
In my recent Bitcoin analysis, I explored the possibility of going long on BTC to the range of to 42k-- 46k range while maintaining a cautious bearish perspective. Despite the bulls successfully pushing the price to the specified range hitting 38k exactly but can they still attain 42k?, it's crucial to recognize the enduring control the bears wield over the broader monthly chart. The lack of a definitive signal indicating a break in the bearish trend raises valid concerns.
Even though the bulls executed an impressive recovery bounce to 38k, forming a distinct bullish trend channel, the current analysis highlights a significant threat as the bears make their move. In the last few hours, the bears forcefully ousted the bulls from the established channel since the breakout from the 28k range. While the bulls swiftly retaliated to 37k, signs of vulnerability emerged as they faced rejection and slipped below the lower trend channel that had been a reliable support but this support was pierced but recovered back instantly ads bulls did their best but the worries comes if the bulls keeps sitting on this lower trendline without pushing up it only makes it weaker and liable to breakdown soon
The immediate challenge facing the bulls is the need to regain entry into the channel and move up from it, with the lower trendline serving as their stronghold. Failing to stage a recovery this week within the channel could mark the end of the bulls' run in 2023, potentially sending them back to the initial stages of the channel at 30,400 down to the 29k range, where their journey began. The only hope for the bulls to avert this impending threat lies in reclaiming and conclusively closing today's candle within the trend channel, or ideally above 37k if they aspire to reach 42k. Falling short of meeting this criterion could lead to a catastrophic breakdown, with the potential target set at 30,400.
The pressing question remains: Can the bulls regain control of the ship, or will they succumb to the lurking bears, orchestrating a counteroffensive to rewind the bulls to the inception of their journey? The market eagerly awaits the resolution of this critical scenario.
the big question is can the bulls overcome this threat and still make it to 42 before a heavy beakdown occurs on Bitcoin? stay tuned as we will continue to update you. dont forget to like if you enjoyed this analysis.
In my recent Bitcoin analysis, I explored the possibility of going long on BTC to the range of to 42k-- 46k range while maintaining a cautious bearish perspective. Despite the bulls successfully pushing the price to the specified range hitting 38k exactly but can they still attain 42k?, it's crucial to recognize the enduring control the bears wield over the broader monthly chart. The lack of a definitive signal indicating a break in the bearish trend raises valid concerns.
Even though the bulls executed an impressive recovery bounce to 38k, forming a distinct bullish trend channel, the current analysis highlights a significant threat as the bears make their move. In the last few hours, the bears forcefully ousted the bulls from the established channel since the breakout from the 28k range. While the bulls swiftly retaliated to 37k, signs of vulnerability emerged as they faced rejection and slipped below the lower trend channel that had been a reliable support but this support was pierced but recovered back instantly ads bulls did their best but the worries comes if the bulls keeps sitting on this lower trendline without pushing up it only makes it weaker and liable to breakdown soon
The immediate challenge facing the bulls is the need to regain entry into the channel and move up from it, with the lower trendline serving as their stronghold. Failing to stage a recovery this week within the channel could mark the end of the bulls' run in 2023, potentially sending them back to the initial stages of the channel at 30,400 down to the 29k range, where their journey began. The only hope for the bulls to avert this impending threat lies in reclaiming and conclusively closing today's candle within the trend channel, or ideally above 37k if they aspire to reach 42k. Falling short of meeting this criterion could lead to a catastrophic breakdown, with the potential target set at 30,400.
The pressing question remains: Can the bulls regain control of the ship, or will they succumb to the lurking bears, orchestrating a counteroffensive to rewind the bulls to the inception of their journey? The market eagerly awaits the resolution of this critical scenario.
the big question is can the bulls overcome this threat and still make it to 42 before a heavy beakdown occurs on Bitcoin? stay tuned as we will continue to update you. dont forget to like if you enjoyed this analysis.
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a retest of this broken channel lower trendline will be retested at 36665 to 36868 range before the down move persist further
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if you plan to short, this ongoing retest could persist, to complete this retest, there is still the potential to reach 37200 as this is the exact price of the lower channel where I see some drama between bulls and bears and market manipulation occurring and a potential stop hunt up to 37500 - 37700 then the sharp dump could begin to 35400 next
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I heavily doubt the bulls will make the bounce as the bears keeps growing and 33500 is callingNote
I still stay open-minded that the daily candle open could bring bulls back to 36700 to 37k before the dump depending on how today's candle closes, the possible bounce could happen around the 35500 to 35300 rangeNote
tradingview.com/x/JrowmHnQ/, BTC Buyers strength has failed to break back into our channel as they got clearly rejected at the 36680 range as they encounter bears willing to push hem back down to 34500, the chances of these support breaking is high as the break of it will lead to a stronger support hit at 33500 to 33300 range. yesterdays bearish close confirms the presence of these bears below Note
4hr closer view of rejection below bear strong trendine Note
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Bitcoin faces continued resistance as sellers persistently hold down buyers under the 38k mark. In this critical price analysis update, we explore the potential implications of a break below
36K, with the ominous prospect of a visit to $33,600 looming on the horizon.Will the bulls manage to stage a comeback, or is Bitcoin headed for a further downturn? Stay informed and make strategic decisions in this ever-evolving crypto landscape.
As the battle between buyers and sellers intensifies, understanding the crucial support levels becomes paramount. We break down the technical aspects of the current market situation, providing insights that can help you navigate the challenges and opportunities in the Bitcoin market.
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while the buyers succeeded in breaking to $42400, I still don't believe we won't be seeing some downside, which I do see likely by Feb 2024 giving us the opportunity for a cheaper BTCNote
Whether there's a #BitcoinETF or not, my bearish stance on Bitcoin remains firm from February to April 2024. I've been waiting for 38k, and the anticipation continues. Brace yourselves for what seems to be a free fall.Patience pays off—I've been advising everyone to be patient, and soon we might see BTC at 35k and below. Get ready for a descent from 38k to 35k; I won't be shocked if we dip below 30k. Consider this your update
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