Benjamin Cowen|01. Juni
Bitcoin Closes Below the Bear Market Resistance Band
Bitcoin Closes Below the Bear Market Resistance Band
This video analyzes Bitcoin's recent price action, specifically its close below the Bear Market Resistance Band.
Current Chart Analysis
- The speaker highlights that in midterm years, Bitcoin often briefly rallies above the resistance band but lacks follow-through and falls back below.
- A common pattern is observed: Bitcoin rallies, tests the band, falls back, tests it again, and then gets definitively rejected. This pattern was predicted weeks ago.
- The current close below the band confirms that it is now acting as resistance once again.
Potential Short-Term Price Path
- The speaker predicts Bitcoin will likely drop to 70,000 USD (approx. 64,000 EUR) soon.
- From there, a brief bounce upward for a few days is expected.
- Subsequently, a further decline to the February lows is anticipated.
- This assessment is based on the 2018 chart pattern, which showed similar lows, a higher low in March/April, a lower high in May, followed by a drop into June.
Conclusion & Outlook
- Following this pattern, volatility could dry up later in the year, leading to a final bottom and the start of the next bull market in Q4.
- The speaker admits he cannot predict short-term price movements accurately, but presents this as the most probable path based on historical patterns.
