Why so bearish?
Mainly because my bearish calls for the past two months have been more than accurate enough to make good money, so no point changing that in a hurry.
Not to mention the lower highs and lower lows pattern since July, especially on the monthly. The bullish case for me is the bull flag on the monthly chart only.
Why so bearish? Everything about this consolidation screams "bull pennant" to me:
Daily death crosses tend to coincide with massive bounces, at least in BTC. There was April 2014, September 2015, April 2018. My gut tells me this move isn't done yet, even if I'm wrong about the overall bull market. $12,000 still beckons.
Daily death crosses tend to coincide with massive bounces, at least in BTC. There was April 2014, September 2015, April 2018. My gut tells me this move isn't done yet, even if I'm wrong about the overall bull market. $12,000 still beckons.
Like the bull pennant of 2018, or the one we already had in 2019? Where the downtrend line is much steeper than the support trendline that's barely inclining, so much so that it can more accurately be drawn as a descending triangle? I get that were bouncing of the 200 Day MA, this is my third day scalping long trades off it, but once we close below the target is around $8,000, although I don't think we'd get that far due to how short-term and therefore unreliable this pattern is.
Zooming into this "bullish pennant" tells us a lot about where the bullish wicks are reaching: trendline resistance.
$8400 looks like a good future entry price based on the VPVR gap (circled pink). We've already failed to create the bullish symmetrical triangle / bullish pennant when we started flat lining support. Lower lows is not a bullish pennant in my opinion, as well as getting rejected from the $9400 triangle breakdown resistance level (that we've conveniently forgot about).
I'm always happy to be proved wrong (as is my hodl position), but I otherwise won't be adding to it for sometime by the looks of things.