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June 28, 2022
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Guide & Analysis

Winter is coming? Bitcoin still keeps the downward trend strong!

1 day after going over $ 29,000, is this Bitcoin recovery enough?

Well, considering the historic high and the $ 29k fund we had a drop of more than 50%. A very sharp loss that still maintains the downward trend.

Looking at the graph (for 4 hours from Coinbase), the fall correction, for now, is only following EMA21 (light blue) and still shows no signs of a stronger recovery.

For some traders, the touch on EMA21 may also be a sell signal for the price to continue falling and following the trend. it’s days to fasten your seat belts.

To start a real recovery, analysts point to the breaking of a first resistance at $ 47,539 by fighting again in the moving averages and taking a breather to try to break the MA200 (red) and go up again.

Winter is coming?

Graphically, in TF in H4, we can already say that we are in a Bear Market, but the point is whether it remains in the trend falling or not. For this, we will make a comparison with the market in 2017 and 2018.

Chart 2017 and 2018 - Winter is coming

We can see from the graph that during the Bull Market in 2017, which took the price from $ 700 to almost $ 20,000, we had no drop of more than 50%. Only one stronger in July around 40%, but that soon went up again.

Also in 2017, we see that the price remains bullish above EMA21, losing that support only in 2018 when the ‘Winter Crypto’ started.

In 2018 we had a year-round drop playing $ 20k BTC to around $ 3200. It was a period of emotional testing for those in the market, but we survived. Winter is coming?

We still can’t hit the hammer, but we are analyzing the signs. If you don’t break the $ 47k resistance up, fasten your seat belts!

Analysis of CointradeCx
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