Could this pitchfork and fibonacci mark the top of the bear market rally?
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It's testing it again, Interesting view.
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12k is an obvious target. But will the market choose the obvious? I don't see many retail who thinks 15-16k will hold. But if 15k-17k range holds, it will look like a valid accumulation range. A huge and nice pattern to start the next bull run. If this is not the case we are really heading towards 12k, that means recovery will take much more time, if it ever going to happen. We will find out.
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Wow I've not looked at this for a long time. Are we consolidating above the pitchfork or is this another bait?
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It's really trying, isn't it?
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Imagine looking at this and feeling bullish BECAUSE OF THIS.
This is the opposite of bullish.
You can see bullish structures on lower timeframes and expect a retest of this, I understand that. But this is not what should make you bullish. There are some guys who present this kind of curves as a bullish argument.
What do I think about this curve? Honestly I think we might be looking at a real bubble. And it doesn't mean Bitcoin is worthless, it goes to zero etc. It could mean the price represents a value for a far future. Thus, we need a really deep correction and start a new cycle etc..
The other option is sadly Bitcoin was a failed experiment. Maybe 21st century was a failed experiment lol. I mean who knows? What i know is this curve makes me bearish. For at least a few years. Until maybe I see that deep correction and a bottom formation. Until at least I see something different ON THIS TIMEFRAME.
This is the opposite of bullish.
You can see bullish structures on lower timeframes and expect a retest of this, I understand that. But this is not what should make you bullish. There are some guys who present this kind of curves as a bullish argument.
What do I think about this curve? Honestly I think we might be looking at a real bubble. And it doesn't mean Bitcoin is worthless, it goes to zero etc. It could mean the price represents a value for a far future. Thus, we need a really deep correction and start a new cycle etc..
The other option is sadly Bitcoin was a failed experiment. Maybe 21st century was a failed experiment lol. I mean who knows? What i know is this curve makes me bearish. For at least a few years. Until maybe I see that deep correction and a bottom formation. Until at least I see something different ON THIS TIMEFRAME.