Bitcoin - 2 secret patterns, no one talks about!
- We have a head and shoulders (reversal pattern) and ascending parallel channel on the daily chart. Both of these patterns are bearish because there is a higher probability of a breakdown. There is a lot of empty space at the bottom of the parallel channel, and I feel like we need to go down to fill up the price action.
- It can be a great idea to long bitcoin at the bottom of the channel because there is also a POC of the previous expanding triangle and the 0.618 FIB retracement of the previous wave.
- What's more, the 200-day moving average could act as support as well. This MA is used by huge hedge funds, banks, and professional traders.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- If Bitcoin fails to hold the top of wave A, which is at 25250, then it will be a disaster for the price of Bitcoin, and most likely we are going to go to 15k. In my opinion, it's going to happen.
- Volume is totally dead. During the last wave, the bullish volume was almost invisible. There was no interest from the bulls to buy BTC on the spot market. This is indeed a positive sign for the bears to short Bitcoin.
- The majority is absolutely bullish, and if you want proof, check out my previous analysis in the related section down below. You need to read all the comments on this analysis so you can see all the opinions from people and NPCs.
- If we take a look at the RSI indicator, we can spot a bearish divergence between the last 2 peaks. It looks like the bearish divergence has already been confirmed. At least I see it.
- I am bearish on Bitcoin, and I expect lower prices. Gold almost reached a new all-time high, while Bitcoin is struggling, but no worries, a halving is coming in 1 year, and that will be bullish.
- Thank you, and for more ideas, hit "Like" and "Follow"!
