May's grind higher got people bullish on bitcoin:native again.
Funding flipped positive and the bottom callers came back out.
But this is exactly how bear markets behave.
We grind and chop for long stretches, just enough to rebuild conviction, and then we get quick flushes lower that wipe the new longs out.
Bear rallies are slow and they fail. Bull dips snap back.
The setup here lines up.
Clean rejection at the 200 day MA, a break of the short term rising channel, and the 50 day still under the 200.
The descending structure from the October top never broke.
Until that breaks, nothing has.
What are you seeing on sentiment right now? Genuine fear or still bullish underneath?
Well itโs time to monitor the situation. Not sure the context around this but yields are responding.
What does everyone think? Why even put this out there?
May's grind higher got people bullish on bitcoin:native again.
Funding flipped positive and the bottom callers came back out.
But this is exactly how bear markets behave.
We grind and chop for long stretches, just enough to rebuild conviction, and then we get quick flushes lower that wipe the new longs out.
Bear rallies are slow and they fail. Bull dips snap back.
The setup here lines up.
Clean rejection at the 200 day MA, a break of the short term rising channel, and the 50 day still under the 200.
The descending structure from the October top never broke.
Until that breaks, nothing has.
What are you seeing on sentiment right now? Genuine fear or still bullish underneath?