Remember: We are still in a bear market. Just because bitcoin saw a couple of weeks of strong demand, that does not negate the previous months and months of downward pressure.
Bitcoin has enjoyed a 25% rally over the last few days. But at the top of its current rally, we see a Gravestone Doji setup that could potentially lead to a bearish reversal.
Bitcoin has dropped 50% in 1 month and continues to test previous support levels. We are currently experiencing a breakout of a massive bear pennant that has a price target of $1700.
After bottoming out around $3,500, the price of bitcoin enjoyed a near 25% rally where it is currently testing the resistance of its macro 78% retracement.
Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.
Bitcoin has, yet again, seen another decline by over 15% in value. But while the move downward is unrelenting, the 78% retracement at $4400 may bring in a fresh round of buyers.
After months and months of consolidation, the yearly support finally broke and now the price of bitcoin has found itself in the lower $5000s for the first time since 2017.