With Bitcoin breaking below its trading channel and in its 5th consecutive red day, the bear market is appears to be firmly on track to print a new low and break back into the $32k range. That is just a short drop from my first target low of $31.6k and gives me the expectation that my oft-mentioned $28k target may soon be realised.
A look at the weekly chart and I note that this is the 7th consecutive week of price declines and is the longest period of declines in BTC history, assuming there isn't a turn-around this week.
With the Fear and Greed index at 11 today, almost in the single digits, it feels like a finale of capitulation is just around the corner, if not this week, then probably next.
What do you think? Is price about to crater to new bear market lows, or are we on the verge of moon-lambo euphoria? 😉
Here's a hint: The weekly RSI has not yet broken 30.
A look at the weekly chart and I note that this is the 7th consecutive week of price declines and is the longest period of declines in BTC history, assuming there isn't a turn-around this week.
With the Fear and Greed index at 11 today, almost in the single digits, it feels like a finale of capitulation is just around the corner, if not this week, then probably next.
What do you think? Is price about to crater to new bear market lows, or are we on the verge of moon-lambo euphoria? 😉
Here's a hint: The weekly RSI has not yet broken 30.
