Bitcoin fractal resembling the triple top

29 thg 6, 2021

Taking a look at a (what to me are ) very low timeframes, it's not surprising the structure is very similar to what we saw at the peak of the market a few months ago. Although I remain bullish on the higher timeframes, when it comes to the immediate future, I've positioned myself for a move downwards. Away from the charts we're also seeing several narratives play out spurting a bearish short term bias. A combination of recent narratives around Tether, coupled with Grayscale unlock as well as the airdrop in El Salvador, all suggest many may try to push the price to the downside particularly when it comes to the government rollout in El Salvador, it's very unlikely that the country will arbitrary buy Bitcoin at the current levels given the volatility, it would make sense to set up the soergn trust by securing a lower entry, VS buying potential tops. Just some musings on my part, as always DYOR - none of this constitutes financial advice.