BTC - Bearish retest of the neckline!
Updated
It is apparent that the price has breached below the neckline and subsequently undergone a bearish retest. However, the price has failed to regain the neckline, indicating a potential shift in momentum toward the downside. Should the price further break below the support zone, there is a strong possibility of moving toward the 24k mark.
Furthermore, it should be mentioned that the volume is currently very low! This indicates a more significant move is coming!
Last time the volume was this low, the price went from 40k to 27k in only two days!
When meme coins start pumping, you know the overall rally is coming to an end. We are precisely in that phase, in my opinion. Memecoins have recently been pumping while the overall market has shown significant weakness.
I suggest everyone avoid Altcoins as the BTC dominance is expected to climb higher!
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
Furthermore, it should be mentioned that the volume is currently very low! This indicates a more significant move is coming!
Last time the volume was this low, the price went from 40k to 27k in only two days!
When meme coins start pumping, you know the overall rally is coming to an end. We are precisely in that phase, in my opinion. Memecoins have recently been pumping while the overall market has shown significant weakness.
I suggest everyone avoid Altcoins as the BTC dominance is expected to climb higher!
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
Note
Prince is retesting the neckline once again!Note
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