Welcome members to this weekly update on BTC.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
The recent dump on BTC wasn't a pleasant thing to look at. This dump is a rejection from the 21 weekly moving average which is a strong resistance so far. After reaching an all-time high of $69k, BTC has been continuously dumping and so far it is a 52% dump which honestly isn't a good thing.
The last bear market back in 2017, lasted for around 357 days, and with the current chart if we consider the 357 days of rejection then BTC may keep on dropping till November 2022. Now, this doesn't mean that we will not see any greens on BTC. For sure there will be ups and downs in the market but eventually, BTC will drop as per the current scenario.
Note: This update is on a higher timeframe and a slight move makes a huge difference when we compare it with the lower timeframe. So, do not trade in a shorter timeframe based on this chart.
So, can this be a bear market scenario? Technically, yes but we will surely have good opportunities in between to do scalp trading. I will update more on BTC in a shorter timeframe to get a better picture.
Let me know what you think about BTC and the current market. Do like and follow for more updates.
Thank you.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest at my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on them or use them to understand the market.
The recent dump on BTC wasn't a pleasant thing to look at. This dump is a rejection from the 21 weekly moving average which is a strong resistance so far. After reaching an all-time high of $69k, BTC has been continuously dumping and so far it is a 52% dump which honestly isn't a good thing.
The last bear market back in 2017, lasted for around 357 days, and with the current chart if we consider the 357 days of rejection then BTC may keep on dropping till November 2022. Now, this doesn't mean that we will not see any greens on BTC. For sure there will be ups and downs in the market but eventually, BTC will drop as per the current scenario.
Note: This update is on a higher timeframe and a slight move makes a huge difference when we compare it with the lower timeframe. So, do not trade in a shorter timeframe based on this chart.
So, can this be a bear market scenario? Technically, yes but we will surely have good opportunities in between to do scalp trading. I will update more on BTC in a shorter timeframe to get a better picture.
Let me know what you think about BTC and the current market. Do like and follow for more updates.
Thank you.
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