Bitcoin and the Bears

And the Future of Meme Coins

Beginning of a Bear Market

When looking at the price of bitcoin one must take a macro perspective and observe historical patterns in the chart. In previous bull runs Bitcoin has managed to stay above the 20 week EMA. Historically anytime the weekly charts closed under this level it has shown that a reversal is imminent and the Bears are taking over.

Wyckoff Distribution

The Wyckoff accumulation and distribution reversal pattern is an old textbook pattern that signals high amounts of market manipulation. It is a bearish pattern designed to push prices lower. Bitcoin has been following this pattern to a T.

What Can we Do in the Short Term?

In the short term we can expect prices to continue to fall until the market consolidates at the floor. In the immediate short term I have opened up short positions on BTC to take advantage of this move down.

Future of Meme Coins

I would start to consider selling altcoins for bitcoin as these coins may move down even further. All the crazy all time highs created by new alt coins have a part in the bubble prices and eventual market crash. Now would be a serious time to look at your alts and consider moving them to bitcoin before any massive price drops or rug pulls.



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