BTC: First close below the bull market support band this year!
Updated
In previous years, the bull market support band (b.m.s. band) has been an excellent indicator of a shift in the market.
When the price gets below the band, the price tends to get into a bear phase. And when the price breaks above and holds above the band, the price tends to start a new bullish trend.
As of now, the price has closed below the b.m.s. band for the first time this year. This potentially marks the start, or some would say continuation, of the downtrend that many people had been discussing.
In my humble opinion, this confirms a more significant downtrend. The market has shown a lot of weakness for the past many months.
I'm expecting 21k at first and 15k after that. For now, one should stay away from Altcoins as they can drop another 70-80% should BTC drop a lot further.
Stay safe!
When the price gets below the band, the price tends to get into a bear phase. And when the price breaks above and holds above the band, the price tends to start a new bullish trend.
As of now, the price has closed below the b.m.s. band for the first time this year. This potentially marks the start, or some would say continuation, of the downtrend that many people had been discussing.
In my humble opinion, this confirms a more significant downtrend. The market has shown a lot of weakness for the past many months.
I'm expecting 21k at first and 15k after that. For now, one should stay away from Altcoins as they can drop another 70-80% should BTC drop a lot further.
Stay safe!
Note
Note
The 20 WSMANote
The 20 WVWMANote
The 30 WVWMANote
It definitely doesn't look good. A downward continuation is expected.Note
Note
If DXY keeps its bullish momentum, The price of BTC is likely to go down!Note
Note
The housing market has experienced a swift and pronounced deterioration. Current purchasing conditions have reached a point that has only been witnessed twice since 1960. The market was grappling with significant recessions on both of these previous occasions.Note
There's a possibility that the price bounces to 28k And bearish continuation afterward!Note
There's a possibility that the price bounces to 28k And bearish continuation afterward! - Retest of the B.M.S. band and fill the CME gap at 27.8k.Note
The price is filling the Gap!! As expected!Note
A retest of the BMS band has historically confirmed the bearish or bullish trend.Note
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