As long as Bitcoin is below the 0.618 FIB retracement and below the POC on the volume profile.
Bitcoin is in a bear market, and we have a great opportunity to sell not only Bitcoin but also altcoins in general. Have you ever heard of the sentence - "Sell in May, go away?" That's exactly what you should do on Bitcoin if we take historical data into consideration.
May is still a pretty good month for Bitcoin, but not in the case of bear markets. What we can see in the picture is that Bitcoin is extremely weak during the summer and very bearish in September! So you want to sell in May and buy in October.
From a technical point of view, the current price of Bitcoin is below the 0.618 FIB retracement of the previous February/March drop.
A very strong resistance is ahead, so selling into this cloud may be very wise. Of course you want to sell at resistance and buy at support, not the opposite way.
Right now I expect a drop to 85k also because the current uptrend created a pretty significant FVG, and these types of FVGs tend to be filled quickly.
Trade at your own Risk š
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
