The structure of Bitcoin is telling us just one thing: we are going to keep moving to lower zones from here on; we are in a bear phase of the markets.
Now saying that we are in bear markets is a little extreme, some might say but let's face the facts here: this bull market we had was never supposed to be exactly the same as the previous times, and as many traders were expecting, the most logical thing happened.
The opposite of expectation happened, where Bitcoin had its momentum and left most of the altcoins behind it.
So as we lost the major support at $70,000, where we had a strong breakdown, it seems like this ATH has been finished with a head & shoulders pattern.
A strong retest of that broken zone has been successfully rejected as well, which once again showed the dominance by sellers.
The next plan for us here is the $52,300; after that, we might be bottoming near the $30,000, which seems like a lot as of now but if we look at the bigger picture, it seems the most logical zone for an accumulation!
Swallow Academy
Now saying that we are in bear markets is a little extreme, some might say but let's face the facts here: this bull market we had was never supposed to be exactly the same as the previous times, and as many traders were expecting, the most logical thing happened.
The opposite of expectation happened, where Bitcoin had its momentum and left most of the altcoins behind it.
So as we lost the major support at $70,000, where we had a strong breakdown, it seems like this ATH has been finished with a head & shoulders pattern.
A strong retest of that broken zone has been successfully rejected as well, which once again showed the dominance by sellers.
The next plan for us here is the $52,300; after that, we might be bottoming near the $30,000, which seems like a lot as of now but if we look at the bigger picture, it seems the most logical zone for an accumulation!
Swallow Academy
Note
Well, it seems like the pump momentum backed by fake news is fading away slowly, which leaves us with just one option here—look for a local low (which is at $69,000-$69,200).
So what was thought to be a decent buyside reversal was just a nonsensical news back movement (where the news was even fake: talking about the piece talk news).
So here we are, with nothing but a plan that needs lady confirmation—the breakdown!
Note
The first zone has been reached without any struggle and sellers are still pressuring the local support one (which with very high probability will be broken).
The game plan is simple: we look for breakdown and then we can go for another wave of shorts here!
Note
Strong pressure from sellers!
⚡️ Short-Term + Mid-Term Signals
Telegram: t.me/+fiEDSn7M9pJkODA0
Website: swallowteam.com/
🚨Years on charts build the habit of sensing psychological market direction. So far working :)
Telegram: t.me/+fiEDSn7M9pJkODA0
Website: swallowteam.com/
🚨Years on charts build the habit of sensing psychological market direction. So far working :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
⚡️ Short-Term + Mid-Term Signals
Telegram: t.me/+fiEDSn7M9pJkODA0
Website: swallowteam.com/
🚨Years on charts build the habit of sensing psychological market direction. So far working :)
Telegram: t.me/+fiEDSn7M9pJkODA0
Website: swallowteam.com/
🚨Years on charts build the habit of sensing psychological market direction. So far working :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.