Sure looks like a good time for this bear cycle to end.
The bull party is running out of time to salvage this potentially sinking ship. I am of the opinion that bitcoin needs to start gaining some ground if it doesn't want to be sub 5k within the next 2 weeks. The bulls need to prove they can change the trend or the bears will take a lack of volume as a sign to crush down bitcoin even more. We are approaching a 4 hour downtrend that has been holding strong since 9k. If we don't break this channel/wedge soon, we will be heading down below the .786 fib level from the last bullish move from 7.3k to 9.17k,
which will likely lead to breaking the 7.3k support level and taking a big escalator down to dangerous/depressing territory for the bulls. This upcoming test of the downtrend line likely around the 8k level will be very important, in my opinion, for the direction of the overall crypto market! As, a believer in the space, I'm hoping the bulls prevail finally! Otherwise, things could get insanely grim!
which will likely lead to breaking the 7.3k support level and taking a big escalator down to dangerous/depressing territory for the bulls. This upcoming test of the downtrend line likely around the 8k level will be very important, in my opinion, for the direction of the overall crypto market! As, a believer in the space, I'm hoping the bulls prevail finally! Otherwise, things could get insanely grim!
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