With the current bullish week, we have had in the Cryptocurrency market, Cryptocurrency trader and twitter user @BTC_Macro posted a tweet advising – The bear market isn’t over yet!
The Twitter user went on further to claim;
“Don’t listen to those telling you that we’re in the clear. We are not there yet. $BTC could easily go to new yearly lows, even if we break $6k. Anything can happen from here. Don’t be a bear, don’t be a bull. Be on your toes, and have no bias.”
Some traders often tend to go against the majority of the market when in bullish/bearish momentum swings.
And usually with some logic behind it…
Now undeniably we have been in the longest bear market in crypto history and we’re all anxiously awaiting the day the bulls’ grab the market by the horns to propel the price of Cryptocurrencies back to the euphoric highs of late 2017.
So why may it be a viable opinion to suggest perhaps the bear market is still in full effect?
Key resistance levels have not yet been tested.
Are you remaining on the side of caution?
Having a cautious bias towards current price action may be the most effective strategy right now considering Bitcoin is well within reach of approaching a major key level.
Now the tweet was met with a relatively equal amount of agreement/disagreement on market direction and in particular, was summarized well by one tweeter in response;
“Correct me if I’m wrong but the point he’s making is that the overall sentiment is bullish and because it’s a majority of the content that people are consuming its alarmingly easy to adopt that belief.”
In essence, the current market sentiment in play will undoubtedly lead many to believe that
- The bear market is over.
- This is no more than a bull trap.
Regardless of the scenario in play, the tweet essentially was indicating that traders/investors should not look at the short-term movements of the market and to prevent blindly following the bullish sentiment due to the majority.
Bitcoin Key Support/Resistance Levels
An important factor to remember over the next few days will be whether Bitcoin can hold the $5,000 support level and if $6,000 is retested.
If Bitcoin fails to hold $6,000 as support which currently proves to be a key level then it could mean the general consensus would then shift towards bear territory.
And in reiterating…
The bear market truly isn’t over.