Call me a bear, but RSI descending channel tells me that correction is around the corner as we have had similar correction in Feb, Mar and Apr 2021 with similar patterns. Except this time, we are no longer on top of the trend line.
We recently exited the trend line after making ATH (C) and therefore ATH (D) become unlikely mainly due to the current RSI levels...
Simply said... It is not going to be easy for bitcoin to reach to a new ATH with current total crypto market cap moving from/to bitcoin and alt coins.
A correction of 25% may create an opportunity for new capital entry from retail and institution investors who are looking to invest but simply not at current heated market prices.
What do you think, Bitcoin moon...
Bitcoin latest breakout to its ATH has been relatively weak, especially after going through a long consolidation period after its pervious ATH.
Very important to consider Bitcoin Dominance $BTC.D approaching a very critical zone of 52% where we had a massive correction of 80% during the previous pull market cycle in 2018.
RSI confirms the descending zones once...
Interesting 3 scenarios for bitcoin:
Scenario1 - Break its ATH to 80K based on Fib1.6
Scenario2 - Drop to its 8 week EMA support line
Scenario3 - 30% correction to its long term 20 weeks EMA support line of 42K
An 80K could be the end of current bull market cycle and followed by prolonged bear market or consolidation period. However, 52K could be great for alt...
