BITCOIN Setting up for impending Bear Market
Global markets have started to turn around. They will go further south because of the recent black swan event. Bitcoin is still correlated to traditional markets. The decoupling hasn't happened yet. During this time of economic crisis, BTC will be sold for cash.
Liquid zones have been marked on the chart in blue boxes. You can expect price to bounce in these areas.
Overall I am bearish on Bitcoin with targets below 6000. If those levels dont hold, expect sub 5.5k.
Pullbacks are expected at current levels because of the ongoing liquidity crisis. More longs will be sucked in on derivative exchanges before the great purge where all of them will get liquidated.
Miners are running in loss, once they capitulate you can see a trend reversal.
Liquid zones have been marked on the chart in blue boxes. You can expect price to bounce in these areas.
Overall I am bearish on Bitcoin with targets below 6000. If those levels dont hold, expect sub 5.5k.
Pullbacks are expected at current levels because of the ongoing liquidity crisis. More longs will be sucked in on derivative exchanges before the great purge where all of them will get liquidated.
Miners are running in loss, once they capitulate you can see a trend reversal.
Note
We are now snaking around in the liquid zone. Longs have started pay shorts as funding has gone positive. Price still has the potential to go higher all the way up to at least 7100-7200. But overall I'm long term bearish as we are still below the monthly 21ema.Note
We might see the last push to the relevant liquidity zones to kill more over leveraged shorts. Downturn is nearing. Get your shorts ready! Enter at optimum zones. Around 6720-6850.Note
destruction to the downside has almost begun.
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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.