The chart above is self explanatory. You can see three very bearish patterns:
While I don't believe bitcoin will break out of the downtrend channel, I allow for the possibility of a false breakout up to the upper edge of the rising wedge or slightly above. If this happens we should witness a quick downward bounce and a downward rally. I will not predict the bottom price, in any case it will be low.
Of course, I could be very wrong and not see something obvious so I am open to discussion.
This is not financial advice.
- a rising wedge
- a descending channel
- and possibly a giant inverted cup-and-handle formation
While I don't believe bitcoin will break out of the downtrend channel, I allow for the possibility of a false breakout up to the upper edge of the rising wedge or slightly above. If this happens we should witness a quick downward bounce and a downward rally. I will not predict the bottom price, in any case it will be low.
Of course, I could be very wrong and not see something obvious so I am open to discussion.
This is not financial advice.
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So far, all the pieces fit the pattern.
