With a return to the bottom of the 40k to 50k range BTC has broken down back into this major bearish triangle.
What we hoped was a breakout is now a failed breakout that could turn in a return to the bottom of this pattern at 30k.
Is that where we are headed? Pattern centric analysis would suggest so,
But traditional markets have recently rallied to hit new highs, due to BTC correlation with traditionals im hesitant to make a 30k call. If BTC was left to its own devices I'm much more confident giving weight to patterns, but when SPX pumps, BTC loves to follow. The COVID omicron wave seriously influences markets, so its just not as simple as calling bearish triangle and number must go down.
Important to note this PA is not RESTING ontop of the descending trend line, its broken below it and now trying to break back out. Bulls give up a ton of ground to bears by falling below.
We don't want a new lower low, ie, if BTC fell to say 38k then came back into the 40k range.. im not sure how bullish that would be. I think a lower low is what we don't want to see and could be a major psychological influence on the market here.
What we hoped was a breakout is now a failed breakout that could turn in a return to the bottom of this pattern at 30k.
Is that where we are headed? Pattern centric analysis would suggest so,
But traditional markets have recently rallied to hit new highs, due to BTC correlation with traditionals im hesitant to make a 30k call. If BTC was left to its own devices I'm much more confident giving weight to patterns, but when SPX pumps, BTC loves to follow. The COVID omicron wave seriously influences markets, so its just not as simple as calling bearish triangle and number must go down.
Important to note this PA is not RESTING ontop of the descending trend line, its broken below it and now trying to break back out. Bulls give up a ton of ground to bears by falling below.
We don't want a new lower low, ie, if BTC fell to say 38k then came back into the 40k range.. im not sure how bullish that would be. I think a lower low is what we don't want to see and could be a major psychological influence on the market here.