Since Bitcoin (BTC) bounced cleanly off the macro $6,400 support earlier this month, analysts have been wondering if the pain is over for the cryptocurrency market. According to two key trend indicators, which predicted previous bear markets and bull markets, the medium-term to long-term trend remains bearish, unfortunately enough.<\/p>\n
Analyst CryptoThies recently noted that despite the strong nearly 15% recovery from the depths of $6,400, his indicator, dubbed MarketGod, is still printing a “sell” signal on the December candle.<\/p>\n
He notes that MarketGod has called these macro trends 4\/4 in the past six years of Bitcoin price’s history, making the latest “sell” signal rather potent, for it implies that there are months more downside ahead.<\/p>\n
Indeed, the last time a “sell” signal was printed by the MarketGod indicator on a monthly timeframe was in the middle of 2018, prior to the 50% capitulation event that took BTC to $3,000 by the end of last year.<\/p>\n
\nLoads of questions in DMs in terms of where I stand on sentiment and current state of the macro trend for #BTC<\/a>.
Not to be the bearer of bad news, but realistically speaking, I need compelling evidence to overturn MG on a high TF like this, when it\u2019s 4\/4 on trend signals. pic.twitter.com\/RGOru5cyZw<\/a><\/p>\n— Crypto Thies (@kingthies) December 24, 2019<\/a><\/p><\/blockquote>\n