BTCUSD
and most of the crypto market has had a pretty decent run over the last couple of weeks, but we've reached a fork in the road: Are we finally exiting the downtrend or are bear'bears taking the 'wheel' once again? Looking at
BTCUSD
from a Daily perspective there's a pretty clear triangle pattern that's formed and we're butting up right against the downtrend of the triangle. Taking a look at a four-hour chart, you'll see there is a Squeeze that has been coiling for a couple of days now. This coupled with the bull flag pattern, make me think we'll actually see this play out long. With that said, there's one pattern I've seen crush more bulls dreams than any other in crypto...the infamous "Bart Pattern" lol. I'd never heard of this until the crypto market which is likely where it originated. In short, the pattern is a busted flag pattern like the one we have here. I made a short video you can watch here to see how it gets its name: www.instagram.c.../p/BlePwbin5TD/?utm_source...
This would be the one thing I would guard against here. Remember, like in most things price will take the path of least resistance and right now the longer trend is still down. If
BTCUSDT
can clear the downtrend (around 7600) it will need to clear and close above the zone coming in between 7872.5 - 8059.60. In my mind, this is basically a coin toss and I'm not ready to step in front of this freight train just yet. Remember, you can make money without catching the bottom or top, you're just trying to catch the "meat of the move."
