BTC/USD - Is Bitcoin about to stop the downtrend? 😲

29. Mai 2022As you can see, BTC's price has been IN RED for 9 consecutive week. N-I-N-E weekly candles IN RED!

That is historic and extremely bearish.

But if there is one thing we learned so far is that THE MARKET MOVES IN CYCLES.

Nothing goes straight down forever, not even Bitcoin.

Could the next weekly candle turn GREEN?

So long 29k support holds, there is a good chance. If so, this could be wave number 4 that will likely be rejected around 35k then down we go to test the 200-week moving average (in blue).

Remember, we deal in PROBABILITIES here. Nothing is set in stone. But this scenario is very possible in my eyes.

First condition, 29K has to hold. Then we reassess.

My bias is mildly bullish. Somehow we have to break this downtrend. Hope this helps! 😅

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