Stubborn Bitcoin Bear In Denial or Reading The Market Correctly?While everyone is fomoing into this bull run my broad view on the market remains bearish.
I'll break down the reasoning behind my outlook with a couple of facts.
To establish a bull market, Bitcoin needs to start making higher lows and higher highs. This is the most simple way to break down the complex price action.
So far we have seen the high at 20k, low at 6k, lower high at 12k, higher low at 6.5k, lower high at 10k, and lower low at 5.75k. Bitcoin needs to get above 10k in this bull run to change the trend of lower highs and lower lows. Anything under 10k is just another lower high and changes absolutely nothing.
Another huge red flag for the bullish outlook is the strong hidden bearish divergence. Price continues to make lower highs while the RSI is making higher highs.
I will change my outlook if the 10k level is broken with strong volume and we establish a higher low above 5.75k. Until that happens the bear market is still alive and well.
