Gaussian channel on the 5-day TF turned RED! Bad sign for $BTC 🚨
I believe we’re in the first leg of the bear market. I was expecting at least an upside move to the middle of the channel, around $105K, like the previous times.
There is a good possibility that we could see $BTC break its 4-year cycle for the first time! The S&P 500, gold, and almost everything else have hit new all-time highs, except Bitcoin. Once gold tops out, I expect a big run in risk-on assets.
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Every time $BTC has lost the median and then failed to retest it successfully, we’ve entered the second (more aggressive) phase of the bear market.
I believe we’re definitely heading toward the $103k zone for a retest, or possibly slightly higher for a liquidity hunt. If we manage to establish and hold support above the median, I’ll let you know. Until then, everything should be considered just a dead cat bounce.👀
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$BTC 's next move basically depends on today's court decision. 🚨 We could either break above $100K or drop below $90K. If they declare it illegal, expect a solid downside reaction.