TonyTheBullSeverino

Another Perspective On This Bitcoin Bearish Retest (If It Is One)

Because I keep sensing we are looking at some sort of macro correction coming that brings down Bitcoin and the best example of that is COVID, I went back to some of my old COVD charts to see how I approached things back then.

Here I have included some comparisons of the bearish retest. I have also shown of a weekly RSI downtrend line

interesting lace for this downtrend line to be. It very well could be broken

I have to admit, the current price action cluster is looking rather bullish and impulsive. Again, hard to tell at this very moment.

the second chart is just using that same bear test of trend line to justify part of my COVID analysis

the last chart is the same as the first one, just a daily look to show you that its kind of mixed. an impulse def happened. but it isn't clear if we are going to get a few in a row, or outright fail

the daily RSI chart looks like we will sort of have more of a rolling top, meaning we will go

Heads Up: I Have Decided To Close All Longs

UPDATE: sorry the formatting breaks sometimes. I am going to talk to Slice today about it. I don't like the look it is sloppy.

ADDED: Monthly candle only has less than a week to close. monthly candle is a monster and I think it retraces a lot more, so pullback makes sense, even if we are to still eventually crank higher and I am wrong about closing longs.

I really just don't like a few things I am seeing in the chart.

The IBIT chart is really haunting to me. It is a technical NIGHTMARE

Then I saw the CME BTC Futures chart with Bitcoin hitting that trend line

Then there is similar ETH chart

The sentiment is disgusting out there. Everyone is already so certain the bottom is in

Macro is looking kind of spooked

This is why even though you may have a plan, you have to be ready to pivot.

Other subtle signs to me include, where was the big altcoin explosion? yeah XRP and a few popped 20%

This type of bottom energy should have sent alts rocketing. In January 2