Tesla stops BTC payments, is the bull market over?

Musk announced the suspension of Bitcoin payments, and the market ushered in a bloodbath, but the bull market is not over. The current daily line has fallen back to the 150-day moving average and then rebounded, temporarily falling below the 120-day moving average. It does not mean that falling below the 120-day moving average means the end of the bull market. The previous 2013 bull market and 2017 bull market both fell below the 120-day moving average and then recovered.

The weekly line still has not broken the oscillation triangle suggested earlier, and the monthly line has fallen back to the May moving average. These are normal adjustments in the previous rounds of bull markets. If we look at the Fibonacci retracement, the current weekly line has just fallen back to the 2.618 long-term support line around US$46,000. Therefore, the bull market is not over yet, and a strong wash is essential in the bull market process.

As long as the key support is not broken, hold on patiently. A sharp decline is an opportunity to buy low and increase positions. In general, Bitcoin has been consolidating in the range of 45,000-61,000 for 13 weeks. The range consolidation does not mean the end of the bull market. Consolidation is a good thing, which is conducive to sufficient turnover of chips and continues to erode the patience and confidence of coin holders. After the consolidation is completed, it is likely to explode again, and the other mainstream coins will synchronize.