While I feel there is a possibility of a rally in the not so distant future.. we are still trending bearish with the 12h 20 EMA confirming short to mid-term bearish sentiment in the market. Bulls need a clean break over this EMA to launch a larger rally.
Our last rally in late December climbed over the EMA but the 20/ 21w MA bull market band rejected Bitcoin and sent bulls back down to another consolidation.. where they can regroup, consolidate for another rally.
Source of this price decline and bearish sentiment was largely rooted in the Chinese Q4 2021 dumping to adhere to new regulations, and the large options expiry. This drove price down and shook short term market sentiment.
However I see continued accumulation of Bitcoin as supply drops, with the West (exchanges like Coinbase) now leading the charge. Also the confluence with historical 20/ 21w MA inversion patterns support to the idea of a rally starting soon.
Bulls need to secure a close over $53k to confirm a macro bullish rally. Anything less indicates some weakness and may fall back down to this indecisive bearish range.
Our last rally in late December climbed over the EMA but the 20/ 21w MA bull market band rejected Bitcoin and sent bulls back down to another consolidation.. where they can regroup, consolidate for another rally.
Source of this price decline and bearish sentiment was largely rooted in the Chinese Q4 2021 dumping to adhere to new regulations, and the large options expiry. This drove price down and shook short term market sentiment.
However I see continued accumulation of Bitcoin as supply drops, with the West (exchanges like Coinbase) now leading the charge. Also the confluence with historical 20/ 21w MA inversion patterns support to the idea of a rally starting soon.
Bulls need to secure a close over $53k to confirm a macro bullish rally. Anything less indicates some weakness and may fall back down to this indecisive bearish range.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.