A beary bearish moment for bitcoin.
NOT FINANCIAL ADVICE
Immediate resistance (where sellers are at) = 43k
Immediate support (where buyers are at) = 29.9k
While prices may have seen some bounce lately to much cheer by some in the cryptoverse, alas it may turn out to be a dead cat bounce.
My apologies to all feline lovers out there!
Allow me to present my case:
Corroboration #1:
Foremost, bitcoin is trading below the Heiken Ashi candles, which is generally seen as a bear trend.
Some grounds to gain before we're out of the woods here.
Corroboration #2:
The Ichimoku Kinko Hyo suggests that we are in a downtrend:
- Price is trading below the Kumo cloud
- Tenkan sen (conversion line) is moving below the Kijun sen (Baseline)
- Chikou span appears below or near Priceline, usually a sign of weakness
The good news though, is that the thinness of the Kumo cloud could be a sign that selling pressure is diminishing.
Corroboration #3:
On the primary cycle degree, we see a Wave 4 (ZigZag 5-3-5) underway.
This Wave 4 comprises of corrective waves a, b and c.
Diving deeper into this Wave 4, also Corroboration #4, we see that..
.. on the intermediate cycle degree, corrective Wave c is playing out its last minor (impulse) Wave down.
So it lends to the theory that bitcoin's primary Wave 4 has yet to complete its moves.
This bears, pun intended, witness to the theory (yes theory, not financial advice!) that this short-term downtrend will play out for the next few days.
I know, I know, I know that this bearish TA might offend some of you -- while you 'BTFD' or 'Double Down' or 'Lower Cost Basis' or 'Diamond Hands' -- but it is what it is.
I would have even thrown in a Wyckoff analysis here to tell you that 29.9k support will be the next Secondary Test zone if I was hardworking or smart enough to learn it..
.. but I'm not, so I didn't.
Until then, a beary happy trading to you~
Immediate resistance (where sellers are at) = 43k
Immediate support (where buyers are at) = 29.9k
While prices may have seen some bounce lately to much cheer by some in the cryptoverse, alas it may turn out to be a dead cat bounce.
My apologies to all feline lovers out there!
Allow me to present my case:
Corroboration #1:
Foremost, bitcoin is trading below the Heiken Ashi candles, which is generally seen as a bear trend.
Some grounds to gain before we're out of the woods here.
Corroboration #2:
The Ichimoku Kinko Hyo suggests that we are in a downtrend:
- Price is trading below the Kumo cloud
- Tenkan sen (conversion line) is moving below the Kijun sen (Baseline)
- Chikou span appears below or near Priceline, usually a sign of weakness
The good news though, is that the thinness of the Kumo cloud could be a sign that selling pressure is diminishing.
Corroboration #3:
On the primary cycle degree, we see a Wave 4 (ZigZag 5-3-5) underway.
This Wave 4 comprises of corrective waves a, b and c.
Diving deeper into this Wave 4, also Corroboration #4, we see that..
.. on the intermediate cycle degree, corrective Wave c is playing out its last minor (impulse) Wave down.
So it lends to the theory that bitcoin's primary Wave 4 has yet to complete its moves.
This bears, pun intended, witness to the theory (yes theory, not financial advice!) that this short-term downtrend will play out for the next few days.
I know, I know, I know that this bearish TA might offend some of you -- while you 'BTFD' or 'Double Down' or 'Lower Cost Basis' or 'Diamond Hands' -- but it is what it is.
I would have even thrown in a Wyckoff analysis here to tell you that 29.9k support will be the next Secondary Test zone if I was hardworking or smart enough to learn it..
.. but I'm not, so I didn't.
Until then, a beary happy trading to you~
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