Do you think this huge 2-year long bull market is over? Is it bear time now? Your thoughts?
To predict whether that was the end of the bull, and the the start of the bear, u need to look at a long term chart. This is a Gann Square applied to the Weekly Stamp chart:
The rules when applying a Gann, is to square the chart, by applying a 45° line, and aligning the chart aspect ratio, in order that the 45° line joins up the bottom and the top of the first clear upswing. In this case, Nov 2011 @ $2 to April 2013 @ $240. The first arc is then placed at a tangent to the top of the first swing up, and what remains provides a pretty reliable roadmap of what is to come, providing the chartist applies the rules correctly.
The 45° line, represents 'reasonable' growth in a long term bull market. As can be seen, Bitcoin has spent some time north of 'reasonable growth', but almost all of the past 2.5 years beneath this 45° growth line. It is only the last week, that Bitcoin breached this line, but was then slapped back by the turquoise arc. This is totally normal and indeed expected behaviour. These Arcs represent barriers to price growth and usually, price will meet resistance around these arcs and be repelled back in the opposite direction. This can be seen back in June 2016, where the halving pump topped out at $780, was repelled back for another attempt on the arc, which failed, with spot passing through on the 3rd attempt. In situations where spot passes right through the arc with little or no resistance, it can be expected that price will come back down to retest that arc as support. This can be seen in the Nov 2015 pump, followed by the crash back to $300 (test of other side of arc), and most spectacularly in Oct/Nov 2013, when spot blasted through not just one, but two Gann arcs (orange and yellow), only being repelled at the third (green), and as we know, spot came right back down to test both the yellow, and the orange arc.
In summation, depending on the timeframe of your outlook, the bull market cannot be said to have yet reversed. Most likely, Bitcoin rallies from here, fails at next attempt on the arc, and then goes back down to 600-700 region, before being pumped right through the arc, with it's next stop being the dark blue way up at around $1500.
lol
After the linear chart, here goes the squared chart from 0 to 1000
