Technical analysis by guigamuck about Symbol BTC: Sell recommendation (6/28/2024)

This is the last hope for Bitcoin.When Bitcoin breaks below this 10-year trendline (in white) it is in a bear market.The last time Bitcoin broke below this trendline was in June 2022, pretty much six months after the ATH of 2021 and it only broke above it in February/March of this year.The other time Bitcoin traded below this trendline was from December 2014 to April 2017.In my opinion, Bitcoin enters a bear market every time this trendline support is lost and turns into resistance.On the monthly scale, Bitcoin is sitting right on this trendline while on the weekly scale, it is already trading below the trendline and it is resistance now.Will Bitcoin be able to reverse the momentum and regain strength to the upside?We'll find out this Sunday at 8PM EST.