Bitcoin dumps on golden crosses are normal.
What is more telling is the bounce after the golden cross dump is over.
In 2019/2023, Bitcoin dumped into the golden cross then put in a higher high, thus confirming the end of the bear market.
In 2014/2015, Bitcoin dumped into the golden cross, then put in a lower high, and the bear market continued.
A higher high (if achieved) would likely correspond to a weekly close above the 50W SMA (which is a good predictor of the bear market being over).
A lower high (rejected at the 50W) would be a sign that the Q4 low occurs right on schedule.
To summarize:
The dump BTC is experiencing right now has happened previously in bear markets and in the beginning of bull markets. The thing to watch for whether the low is behind us is after this dump is over, does Bitcoin print a higher high (and go above the 50W) or a lower high (rejected again).
Once that data point arrives, it would likely be the nail in the coffin for either the bull or the bear case.
@SailorManCrypto Premature maybe β¦ would like to see weekly support or the retest holding with volume
This looks scammy untill proven wrong β¦
Thx mr Popeye ππ»
@realdarkhorse great analysis ! leaning a bit more bearish with this firm rejection
the lower volume still tends me to bear case
PA will determine the thesis
thx bud