Big Bitcoin Dump VERY probably - Watch out BTC BULLS!
2024-09-23

While on 1 week we are bullishly in a falling broadening wedge, the smaller time frames point towards a big dump towards low 40K zone.

Let me explain:

We are in a bearish long term rising channel on daily Timeframe. We did not break the 200 Moving Average and printed consecutive DOJI candles right below that crucial MA, which shows indecision but also a likelyhood to reverse the upwards trend.

The RSI Relative Scrength Index shows bearish divergence on multiple Timeframes, signaling Bulls getting weaker. 

Look also at BTC Dominance. It shows a long term bearish rising wedge on WEEKLY Timeframe. Additionally on 4 hour Timeframe, it appears to be forming a bearish Head and Shoulders pattern right above the 200 Moving Average. This indicates that bearish strength is being accumulated to possibly break down hard below and break that MA. Once BTC Dominance goes down, so will the price of Bitcoin. 

Further, most people forgot the MT. GOX Bitcoins that were supposed to be sold in July. What happened? Not much yet apparently, but many of those will be up for sale adding to more bearish pressure. 

Though mostly bearish signals at the moment, we never know with BTC. I believe it will be a short and quick heavy dump but then we will witness a significant spring effect that will kickstart a new bullish upswing. The bull market is not over in my honest opinion. 

Trade safe. 

