The trend of bitcoin is still bearish under 14k. I have been reading a lot of posts that we will be busllish after the resistance of 9.4k but I dont think so that bull run will continue after that.
We are bearish below the Cloud Resistance at 13.5k-14k. Will be stable above that.
Lets talk a bit about Technicals:
Technical Analysis:
▶️Bitcoin:
🔵Bear Flags and Pennants:
Bitcoin has been forming Bear Flags and Bear Pennants in the past. And the downward run was according to the Pole of flag and pennant. Currenntly a bearish pennnant is in formation. According to the pole, Bitcoin might retrace to $3800✅✅ where the Horizontal support and the trendline support is also present.
🔵Descending Channel:
Bitcoin has been moving smoothly in the Descending Channel and currently testing the upper trendline of the channel. Doji, pinbar or an inverted hammer is in formation at the resisting trendline. So, we might see it retracing towards the lower trendline of descending channel which is again present at $3800✅✅.
🔵Market Cycle
So, according to the charts, it is currently visible that bitcoin may complete its market cycle.
🔵Break of Resisting trendline:
If bitcoin breaks 14k we are then bullish. Otherwise its still bearish under 11k.
🔵Retest of the broken trendline:
Bitcoin is currently retesting the broken trendline which btc broke in the downwards direction.
🔵Test of the Resisting Trendline:
Bitcoinn just tested the resisting trendline of the descending channel/falling wedge.
🔵Ichimoku Cloud:
Ichimoku cloud just crossed over. THe bias just turned bearish.
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