Bitcoin: The BEAR Is Still Out Of The Cage 50K?Bitcoin / U.S. dollarBITSTAMP:BTCUSDMarcPMarketsBitcoin is in a clear bearish trend. This chart shows the prominent levels and one potential price pathway for the coming weeks, it all depends on confirmations. The overall Wave structure is a broader Wave 2 in my opinion (Wave counts not on chart). This means there is still more bearish potential than bullish (Michael Saylor sold by the way, so much for BTC 1M by next week). A lower high is now establishing itself just below the 65K area resistance, which points to a lower low in the coming week. As long as these resistance areas highlighted on this chart stay intact, price is poised to go lower. The scenario drawn on the chart is a more of a neutral, or ranging scenario where the new low is quickly confirmed with sharp buying (failed low). An alternate to this would be a strong break below the 56K level (highlighted by a close at the low of candle). IF Bitcoin presents this, price is then likely to test the low 50Ks, and possible be working toward the 45K area. This can take weeks to play out as well. This is a short term analysis which is best utilized for swing trades, possible day trades, not investing. Fundamentals clearly won't help much here, especially if you consume the typical propaganda from people like Saylor. For Bitcoin to reveal any possibilities of strength returning to the space, resistance levels need to be cleared. Also keep in mind recent highs in bond yields and talk of potential rate hikes because of inflation problems don't make much of an argument for a stronger Bitcoin. Yes Bitcoin is anti inflationary, but is still perceived as a risk on asset. Risk assets do not perform well in rising rate environments. I have taken some time off from writing these, but will continue to publish just on a less frequent schedule, thanks for your patience and for considering my perspective.