Bitcoin Price Action Update (day 342)

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Consensio: Close below S EMA. Long term EMA’s turning bullish

Patterns: Phase 7 Hyperwave
Horizontals: S: $5,000 | R: $5,075
Trendline: Broke down 4h bull channel
Parabolic SAR: $5,461
Futures Curve: Backwardation
Funding Rates: longs pay shorts 0.01%
BTCUSDSHORTS: Testing support, looks about ready to breakdown
TD’ Sequential: R2 goes below R1 at $4,968
Ichimoku Cloud: Close below Tenkan-Sen
Relative Strength Index: Back below 70 after record levels
Price Action: 24h: -4.9% | 2w: +22.58% | 1m: +30.4%
Bollinger Bands: MA at $4,601
Stochastic Oscillator: Sell signal

Summary: I am expecting this pullback to take us back to $4,300 - $4,600. That will be a very crucial area. This pullback kind of feels like Groundhog’s Day. Will the bear market continue or will it be over early? It will all come down to where support shows up.

If the price supports above the 200 Day EMA at $4,600 then we will be primed for a golden cross. If that happens then I will almost certainly be a buyers. If that doesn’t happen and we go on to breakdown $4,200 then the bear market will still be firmly intact.

Now is the time to be paying close attention and developing a long term plan. These next few weeks are absolutely crucial. If we get the golden cross and then go on to breakthrough $6,000 then this bear market is over. Until then I will continue to remain skeptical and patient.