Bitcoin’s Wild Ride: Will the Bulls Save the Day or 🌶️ Get Roasted? 🤑

by

Oh, the marvellous, topsy-turvy world of Bitcoin! 🌪️ Just when you thought it was soaring higher than a giant peach, it decided to take a nosedive straight into the land of $89,270! 😱 Early Tuesday morning, the last major horizontal level and the trusty trendline were breached, leaving Bitcoin teetering on the edge of a bear market. Or is it all just a wicked trick of the light? 🧐

A Bear Market? Surely, You’re Pulling My Leg! 🐻

Ah, bear markets-those sly, sneaky creatures. Especially when it comes to Bitcoin, they arrive with a dramatic flourish of disbelief. Remember November 2021? 🗓️ Everyone was waiting for the grand finale, the blow-off top, but instead, the price just slithered away like a snake in the grass, leaving behind a trail of tears and a ruinous bear market. Could history be repeating itself? 🤔 The signs are there, my dear reader, as clear as Willy Wonka’s chocolate river. Key supports have crumbled, yet some still cling to the hope of a recovery. Bless their optimistic souls! 🙏

Tick-Tock, Bulls! ⏳ Time to Save the Day!

Here we are, below a major trendline that’s been holding strong since mid-October 2023. If the bulls want to save the day, they’d better get their skates on! 🏎️ The good news? Bitcoin is oversold like a second-hand car at a dodgy dealership. Prices don’t keep falling forever-they’re like the tide, and it looks like the tide’s about to turn. 🌊 But will it be a gentle lap or a roaring tsunami? Only time will tell. If the bulls can’t even muster the strength to reach the trendline, it’s “bear market, here we come!” 🐻

And let’s not forget the hurdles ahead! Even if the bulls manage to climb back above the horizontal support, they’ll face resistance from every angle-trendlines, downtrends, you name it. It’s like trying to escape a room full of Oompa-Loompas armed with marshmallows. 🍡 If they succeed, they’ll deserve a standing ovation. 👏

The Descending Channel: Bitcoin’s Never-Ending Saga 📉

Ah, the descending channel-Bitcoin’s favorite soap opera! 🎭 It’s still calling the shots, and if the bulls can push the price above the horizontal support, they’ll also tackle the bottom trendline of the channel. From there, the real battle for the major trendline begins. Drama! Suspense! Will the bulls triumph, or will they end up in the chocolate river? 🍫

Meanwhile, the RSI is descending into oversold territory like a sad trombone. 🎺 A bounce is surely on the horizon, but will it be enough? 🤷‍♂️

Bulls, Grab That Straw! 🌾

On the weekly chart, the bears are wearing the crown, my friends. 👑 Bitcoin is below the 0.618 Fibonacci, the major trendline, and the descending channel’s bottom trendline. To make matters worse, the RSI has breached the 44.00 level-a sure sign of a bear market. But fear not! There’s still a straw for the bulls to clutch. By week’s end, the price needs to leap back above the major trendline and reclaim the 0.618 Fibonacci. Easy peasy, right? 🥴

The chances? Well, Bitcoin is oversold like a bad joke, and momentum indicators have reset. But liquidity has dried up faster than a sponge in the Sahara. Can it return in time? 🏜️ That’s the million-dollar question. 💸

Before I leave you, here’s a gem from the wise Raoul Pal, who tweeted this on X:

“You may think the cycle is over. Well if it is, just keep DCA’ing into weakness and your future self will thank you. It takes time to play out-one cycle is not the game. It’s not too late to Unf* your future.” 🧙‍♂️✨

Read More

2025-11-18 13:11