Bitcoin has dipped below the lower trendline at 7500 after failing to break 9k resistance. This is a major bearish signal for Bitcoin, since it hasn't dipped below support in a long time.
This could be just a temporary breach of the support line though, we've seen that happen multiple times throughout history. It could just be a flush of weak hands or panic sellers, but there is multiple possibilities.
For confirmation of a long-term bear market, I am looking for the price to crack 5844, a known area of support where the price has bounced from/consolidated a lot.
In my opinion, I will not be bullish at all until the price breakouts above 11700 resistance. Hopefully we could at least break over the 100 EMA at 9329, if that occurred it should give some sort of confidence for long-term holders.
Overall, even though I don't have the 4-Hour RSI indicated, I am expecting a bounce to take place very soon at 6500. The RSI is very oversold, and every time this happens we see a reversal. This doesn't mean I am expecting a bullish uptrend, it means that we could see the price get into the trendline zone again.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
