Bitcoin Bear Market Coming to June Closing

Bitcoin's price is still below $ 40,000 after trading above $ 64,000 a few weeks ago. The liquidation shocked market participants of all sizes, raising fears that the bull market is now over and the next bearish phase will come. A trader who predicted the decline in these recent months using high-speed technical analysis now worries that the bear market will follow. But everything depends on the June closing, which is very important. That's why. Bitcoin threatens the bear market if the bulls fail to approach June highs. High timeframes provide the most dominant signals when it comes to technical analysis. This is the direction the market is moving if the weekly, monthly or uptrend is indicating that the trend is up, regardless of the daily or shorter time frames. Turnarounds should start at shorter lead times, but the first warning signs appear on higher lead times charts. It is no different for Bitcoin, Ethereum, or any financial asset or cryptocurrency. Related reading | If Bitcoin Bull Run follows two paths and bearish phase The problem is that in a rarely used segment with high latency on the Bitcoin price chart, the top cryptocurrency is tremendously bearish. A careful trader noticed a hidden bearish divergence in the RSI over the five-month period. Three months, six months or a year are more commonly used, but this does not reduce the effectiveness of the segment. Bear markets always started with a wick like the one above | Source: BLX on TradingView.com According to historical traders, high lag techniques point to a bear market. This is the same trader who saw the first bearish divergence in his Bitcoin quarterly chart. The signal was confirmed and the major cryptocurrency dropped more than 50% in its worst monthly candle ever. If the Bulls can close May above $ 45,000, they can repair the damage done and prevent an Evening Star pattern from forming each month.

Join the Discussion

  • BrokerEUR/USD
    LCG 0.3pips (variable) margin: 3.33%
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top