BTCUSD Bitcoin Analysis: Faux Monthly Bullish Engulfing Candle?
Over the past week & a half people have taken notice that bitcoin seems to be having a strong relief rally going from 29k to 42K, while also showing a bullish engulfing candle on the Monthly Timescale and many believe that the bull cycle is back on...
OR IS IT?????
History is telling us that when bitcoin had a monthly bullish engulfing candle, historically it hasn't once reversed the price action while in the middle of a bearish downtrend
I'm still bearish on bitcoin, this is just the beginning and a relief rally like this is to be expected as there is massive amounts of manipulation with all the new institutional money that poured in, thus creating a fake buy wall between 28-30k which has happened several times this year, i still believe that bitcoin could still have a overall bear market average drawdown of about 84% to around the 10k area by Q1 2022, so stay safe traders...
OR IS IT?????
History is telling us that when bitcoin had a monthly bullish engulfing candle, historically it hasn't once reversed the price action while in the middle of a bearish downtrend
I'm still bearish on bitcoin, this is just the beginning and a relief rally like this is to be expected as there is massive amounts of manipulation with all the new institutional money that poured in, thus creating a fake buy wall between 28-30k which has happened several times this year, i still believe that bitcoin could still have a overall bear market average drawdown of about 84% to around the 10k area by Q1 2022, so stay safe traders...