It's been 20 days since my last update, that was the day of the big dump from $53k. I wish I could say that things have improved a lot since then but they haven't. Bitcoin was able to bounce up to almost $49k but has now pulled back to about $42k.
Bitcoin Weekly Chart
Looking at the bitcoin weekly chart, I have 2 circled areas that to me look very similar. The pink line is the weekly 21 EMA, Anytime bitcoin has closed significantly below it that has marked the end of a bull market. We have already seen that happen this cycle so to me that means we are looking at more sideways or down price movement.
Bitcoin Daily Chart
Looking at the daily chart you can see that there is a pretty strong support/resistance zone at around $44.5k that bitcoin is currently beneath. Even If bitcoin is able to push above it again I don't believe it would lead to much. The recovery bitcoin just went through did end up being a bull trap and resulted in a macro lower high.
Bitcoin 2 Day Chart
I have added this 2 day chart to show when it has been the best time to accumulate bitcoin. As you can see anytime bitcoin has dropped below the 400 SMA it has been a great time to be buying. It's also been a great time to accumulate altcoins.
I wish I had better news but it looks to me like the crypto market is still in a bear market. Hopefully, it will be shorter and shallower than past bear markets.
Take Care!
BigskyCrypto
info@bigskycrypto.com