The bear is back with a vengance

The bear is back with a vengance

Bitcoin / U.S. dollar BITSTAMP:BTCUSD



A misconception I hear a lot is BTC sees a smaller % pull down after each bull run as the market matures. When looking at the 3 day line chart that is not the case. We actually see greater drawdowns. BTC has had a macro double top this bull run and has some heavy bearish divergence on the RSI . I mean HEAVY. Will be painfully obvious in hindsight. Besides that we have a lot of CME gaps that have yet to be filled. Those go down as low as $6k. If the current trend continues we can see a shocking pullback to that level. Each time the bull market trendline breaks we dump. Currently we are sitting right on top of it. Given how the stock market looks right now It is not unplausible. I don’t want to see it happen nor am I short but the TA is there if you take your hopes and dreams out of it and look at this objectively. Will be interesting to see how the alts handle this dump. If they dump less than BTC (which doesn’t happen often) then we could see the ponzi pump the alts and give an alt season as a lot of the Alt/ BTC trading pairs are due. For the alt market to pump as hard as it does the money has to come from somewhere and I think its from BTC . Tell me what you think.

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