Athena Index score: pending/100
where we are potentially going to be entering a long, long multi-year bear market here.
Bitcoin dominance metric is falling off of a cliff inherently bullish for the altcoins
we are over bought on the one day, you know, like I stated, there may be one more pushed down by the bear
we do appear to be on the brink of what could be a Massive potentially Explosive move to the upside to break some of this barrage macro structure
until that happens not seeing anything structurally different here So my my outlook right now is definitely still on the bearish end of that
it actually puts us directly right at this point of confluence... and that is around 6400
Bitcoin is still on a lower high trajectory my friends I mean this is what a bear market looks like on a long-term trend
if Bitcoin is to break back down towards this six thousand dollar region here my friends I think this is becoming you know very very problematic here
even if we bounce here watch out you know for these levels around 8900 right as old support / resistance could turn into this new resistance here
is getting back above 10,000 a real possibility in my opinion
this to me looks like a potential classic looking inverse Head & Shoulders which if broken above could be one of the most long term bullish looking patterns
I do think there is validity that this area we're seeing resistance at right now around eighty nine hundred I think there is validity for this to potentially be the top
looking for those honey holes... right in between the point five and the point six one eight Fibonacci that's either on the extension or the retracement
this trend to me certainly appears downward right now my friends you know this upward trajectory is just broken
if you are looking for a pullback and bitcoin is to find new real support at this region and then rip to new highs I mean that is a very very bullish confirmation
if we are to lose support of this point 236 naturally the next target becomes the next Fibonacci which is the point 382 around 8900
on the next stair step down to the point 5 we have that gap looming that could be filled right
if that occurs the $8,000 region at the 0.618 golden fibonacci would start to look potentially promising to me
if we fall below I think it's very very difficult when we could be looking at a more long-term drawn-out bear market
the Bulls are going to have to look to contest this prior high a macro high of the trend around ten thousand four hundred