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Tuesday, June 15, 2021

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Is this crash indicating a bear run?What’s the technical/fundamental update

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Bitcoin 

Made a new All time high by breaking 40k$ level on feb 08 2021.Following that it made New All time high with every Higher high level i.e Up trend/Bull run.The levels were around 58k$,62k$ & 65k$.If you look at the weekly levels the market has been ranging for a long time now.In the picture above you can see the red zone as weekly ranging area.The red zones were support and resistance which it broke today so our next support is around 38k$ which as of now it just exactly touched it and trying to reverse a bit.But i still won’t buy it anytime soon because i’ll wait for double bottom/W pattern or wait for retracement since im expecting it to move around 30k$ range and then move up for a month or two and fall down again. 

With every bull run there is a bear run too.Fake news like Reuters posting china banned crypto payments etc.Elon musk tweeting harsh news against crypto etc. and tons of FUD were being created this might be the reason plus.If we look it technically it was ranging around red zone and it broke sharply because after accumulation at either resistance or support most of the time it tends to break.If you look at 2017 there was similar pattern made lower low every 30-60 days timeframe and then went sideways for two or more years.The same pattern might follow again. 

I am not suggesting anyone to buy/sell im just giving my technical analysis.And im a veteran trader i’ve been in trading market and crypto for more than 5-6 years now,I was around when bitcoin was 100-500$.Please do your own research just go and look at the chart and fact check these information you will be surprised how accurate my information is so do keep these things in mind and do safe investment we might never go below 20k$ But it might range around 30-40k$ for a long long time if this really is bear run.Happy safe investment.

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