We know that the market can produce only two different outcomes, down or up; $BTC Bitcoin has been trading sideways.
Everyone has their own way; Everyone has their own way of interpreting the data in the chart. Everyone has their own prejudices.
When the market was really low in November 2022, I was very optimistic and I remember many of you calling fools.
When the market hit its real high in early 2024, I became very bearish and many of you cried again.
November 2022 proved to be the bottom, with Bitcoin entering a major 16-month bullish phase.
In early 2024, Bitcoin peaked and entered a prolonged corrective phase.
We may have different biases, but the market will always sort itself out over time.
We're looking at Bitcoin coming off its March 2024 all-time high of 74,000. We had a very strong bearish signal in early March; Highest single-day put volume in years (March 5). This indicates lower prices.
Bitcoin made lower highs until it crashed in early August. We are still in that trend.
From my perspective, there are two ways to think about market bullish:
1) Everything is oversold. The indicators and candles start to signal a reversal.
2) More than 71,000 people.
If bitcoin trades sideways below 71,000 now, that would be bearish, as 71,000 is the level at which the crash began in early August. As long as Bitcoin trades below this level on a weekly/monthly basis, we are in bearish territory according to technical analysis. No one can argue with that, because the numbers don't lie.
I Bitcoin crashes and produces a new lower low with lower volume than before, with oversold indicators and reversal signals, or if Bitcoin crashes and produces a higher low with low volume, we can be bullish from the ground up.
As Bitcoin remains trading sideways and high, we remain bearish as it trades within the lower highs (below 71K).
We follow the market, as the market continues to move, as the chart evolves, as the price changes, we adapt to the market.
I like those portfolios that are bottoming out and trading very low.
I am bearish on portfolios that hit resistance and trade at elevated levels
