BTC - ITS REALLY BEARISH...Top of the Mornin'!
Today I bring sad news.
The weekly is amazingly bearish...
For starters:
- Whole Bitcoin's lifespan we were in a bull market - what we called so far "bear markets" were retracements from big deviations after parabolic moves - ofcourse the scale and length of it makes it look like a bear market - but it actually wasn't. We were on the bear side a few times and recovered quickly after - this is why we are used to a constant growth on the chart and we name retracements "bear markets" - where a real bear market hasn't yet occurred. A real bear market is where we go back to prices from long time ago - even before the previous cycle most bearish price.
- Whale Money Line - this is not lasting long at tops - and we are at the very top of it - to me it shows we're done here. It needs a retracement and some air before going anywhere higher.
- Trend exhaustion is the most scary part - not only we created a divergence on the tops (they were bearish, that's why we shorted the top), but the lows are also creating the same bearish divergence - which only means that we're headed lower.
We are in our way to 29k to say the least here - and I have no doubt about it. And I expect us to be on the bear side of that long-time trendline - but I don't know yet how long.
The worrying part is that reaching 29k will form a double top pattern...
Be safe.
