Bitcoin price is still below $ 40,000, $ 4,000 per few weeks ago. After trading over The coin. The sell-off shocked market participants of all sizes, raising fears that the bull market is now over and Bear The stage is next.
A trader who predicted this recent collapse using high deadline technical analysis is now afraid that a Bear The market can follow. But it all comes at the monthly closing of June. Why here
Bitcoin is at risk Bear Bull June if market cannot close at new high
When it comes to technical analysis, The highest timeframe provides the most effective signal. This means that regardless of what is happening daily or on a shorter time frame, if weekly, monthly or higher says the trend is increasing, this is the direction of the market.
The vicissitudes must begin on the shortest time frame, however, it is within High deadline chart Where the first warning signs are visible. It is no different for Bitcoin, Ethereum or any financial asset or cryptocurrency.
Related reading | Two paths to a bitcoin bull run, and if a bear stage is next
The problem is that at the rarely used high time frame segment on the bitcoin price chart, the top cryptocurrency is exhibiting an extremely bearish structure.
A high-spirited businessman Have seen a hidden bearish divergence on the RSI during the five-month timeframe. More commonly three months, six months or a year are used, but this does not reduce the effectiveness of the section.
Bear markets have always started off with a wick like the above | Source: BLX on TradingView.com
High timeframe technical point to Bear Market, according to the trader with a track record
This is the same businessman who first saw the deviation of the recession Bitcoin quarterly chart. The signal was confirmed and the top cryptocurrency fell more than 50% to its worst monthly candlestick on record.
Bulls can undo the loss If they can close above $ 65,000 on May then stop an Evening Star pattern forming on the monthly. However, it is the conclusion of June which will also finalize the above five-month candle.
The candle currently has the largest upside in resistance in the history of the chart, indicating that the bears were ready and waiting. Every wick left on the five-month deadline was Then a bear market.
Is this time different, or a Bear Is Bitcoin coming to crypto before bitcoin reaches six digits as the market expects? And can she lead to expectation Bear Will the market record be the worst as investors finally give up the dream?
Anything is possible, but bulls have a little over a month to take Bitcoin to such a height, otherwise the RSI may fall below and It can confirm the signs of recession.
Featured image from Deposit Photos, Charts from TradingView.com