Is Bitcoin heading into a longer Bear Market?

Bitcoin has broken the the long-term 1W Bollinger Midband at $53.2K a week ago and was unable to recuperate above which marks either a (1) short-term bear trend or (2) a longer Bear Market at hand. It is not clear currently which of the two we're looking at but short-term Bitcoin is bound in a falling wedge.

The top of the wedge will be tested at $49.5-50.5K within 24 hours.
Should we fail there, then Bitcoin will likely fall deeper within the wedge down to offer us a great buy opportunity at $34-32K as we'd extend into a longer bear market.

Note, should we break out past 50.5K to retest 52-54K area then the falling wedge setup would have failed and we may be looking at a short-term bear trend (2-3 months) above 40K potential bottom after which a new bull trend would develop taking us to 150K by May 2022.

A bull market would confirm, once a Weekly candle closes above the 1W midband currently at 53.2K. Should this happen, I will look to ride the bull trend again, till then most of my profit has been taken.

Good luck!
Carl M.

Trade stängt: Stopp nått:

Stop reached last night on the break out from 47.2K past the top of the falling wedge. Flipped bullish on that break out as the bear fractal voided. Likely we retest the 1W midband at 53K currently in the incoming days or weeks.

Should we reclaim 53K and successfully back test it as support on the Weekly then I will flip back to bullish on the mid and long-term trend.

Handel aktiv:

Took profit at 50-49Ks and flipped bearish again as we've gotten rejected at the 53Ks 1W midband. Now we've extended into a bigger falling wedge. This is very similar to previous bear market starting in December following a year long Megabull. Like in early 2018 everyone was euphoric calling more moon for the year while ALTS gave generous gains and made many millionaires. Time for some cleansing in the 2022 bear market.