Is history repeating itself? Bitcoin is at a critical 'death line' 🚨
The current trend shows an astonishing similarity to the peak phase at the end of 2021:
SMA support broken: The price has broken below the blue 50-week moving average (SMA), which is the first warning signal of a weakening trend.
'Pullback confirmation' or 'false breakout'?: If the price cannot stabilize above the moving average, this will completely turn the support level into strong resistance.
M-shaped pattern emerging: The two red semi-circular areas at the top suggest the risk of a double top structure, and if the lower green support area cannot hold, the downward space may further open up.
Core view:
The current volume-reducing rebound is facing relentless pressure from the moving averages. The script of 2022 tells us that once a 'Retest' fails, the subsequent adjustments may last longer than expected.
Do you think this is a 'bottom-fishing opportunity' or a 'top-signaling'?
