Is It Over or Have We Been In Bear Market For Two Months Already?

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I don't put a lot of emphasis on technical analysis, but every once in a while I take a look at the charts.

And often, when I do, depending how I look at things, we can have an either-or scenario, which is not particularly useful.

Let's see.

If we have a look at the weekly chart for bitcoin, the head-and-shoulders formation seems pretty clear.

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And by looking at this chart, we see the pull back has been announced for a while and it was hard to end at 40k.

The question I ask myself now, is this over with the completion of the HS formation or will it continue dropping.

Maybe we haven't realized yet, because we are so bullish about things happening on Hive, but bitcoin has been dropping for the past 2 months and halved in dollar value since.

Personally I'm ok with either outcome. But I wish I hadn't been seduced by the prospect of a booming end of year a few months ago, and swap more volatile assets for stable coins when bitcoin failed to convincingly hit another ATH, then started to drop.

I'm still much better protected for a downhill scenario than I was the previous cycle. But things could be better. It's true now we have a whole range of new options we can use during a bear market.

I'm talking about bear market, but that doesn't exclude the possibility that next week will be completely green. That can be a bullish sign or a dead cat bouncing, so be careful if you're trading.

Posted Using LeoFinance Beta

bitcoin head-and-shoulders hs-formation bear-market proofofbrain vyb ctp hive-engine archon cent leofinance
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10 comments
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Personally i see one of two things happening

  1. the price will continue to drop for a while, and then you see a massive buying force with certain people picking up BTC/ETH for cheap before it rises up.
  2. it will stabilise soon and then start a gradual rise upwards with a few bumps

It what seems to happen after a drop in the bear markets and now it a buyers market look at El salvador Buying another 410 bitcoin
, all you need is a few more doing the same and the pump will start up

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We assume it will be the same as in previous bear markets, but we already had an atypical end of the bull market. Thanks for your comment!

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I'm pretty much in the same position. I believe though that if will fall as low as $30,000. On the other hand $30,000 could be the new $3,000.

Posted Using LeoFinance Beta

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I believe though that if will fall as low as $30,000.

Why not? That's entirely possible.

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It'll be over after 2024-2024 for this one, the rest, the alts will survive, play increase, die, reborn

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Nah, sooner. But I guess we will see.

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Sometimes i feel these markets are a Stephen King book :D Because the suspence is killing my pocket.

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That's funny! Although it shouldn't kill your pocket, unless you sell. But nicely said. :)

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