Hey Traders,
2020 was a crazy year for Bitcoin and Cryptos overall. We have witnessed Bitcoin defying everything and surging %1,200 since March 2020.
Are we currently witnessing end of the Bullrun? Lets do some technical analysis!
1) Looking at volume we are seeing constant decline - this represents exhaustion of buying power.
2) On weekly chart we see that Bitcoin is extremely overbought and it needs urgent correction.
3) On oscillator we are witnessing bearish divergence - this represents trend change (Bearish in this case)
4) Bullish trendline on weekly is being broken, we will see if weekly candle closes below it which will be a very bearish case. (Its broken on all lower timeframes including Daily)
Lets see if this is the end of the Bull Market. I will be monitoring Bitcoin closely from now on.
Stay safe and happy trading!
2020 was a crazy year for Bitcoin and Cryptos overall. We have witnessed Bitcoin defying everything and surging %1,200 since March 2020.
Are we currently witnessing end of the Bullrun? Lets do some technical analysis!
1) Looking at volume we are seeing constant decline - this represents exhaustion of buying power.
2) On weekly chart we see that Bitcoin is extremely overbought and it needs urgent correction.
3) On oscillator we are witnessing bearish divergence - this represents trend change (Bearish in this case)
4) Bullish trendline on weekly is being broken, we will see if weekly candle closes below it which will be a very bearish case. (Its broken on all lower timeframes including Daily)
Lets see if this is the end of the Bull Market. I will be monitoring Bitcoin closely from now on.
Stay safe and happy trading!