Reflecting back: the patterns that predicted a BTCUSD crash
Nothing is easier than tracing back patterns that we "should" have seen, because one can always make a case for either bullish or bearish patterns; patterns are not the driving force of a market but just a measure for its momentum and sentiment. Additionally, the news around Elon Musk and China could not have been foreseen in the first place.
That being said, a clear rising wedge has been evolving since January 2021, followed by a bear flag. A case could also be made for a head and shoulders pattern; all indicating a target between 35000 and 42000. For those who missed out on a short opportunity like me, here is a small reflection back on this nearly 50% crash of bitcoin.
That being said, a clear rising wedge has been evolving since January 2021, followed by a bear flag. A case could also be made for a head and shoulders pattern; all indicating a target between 35000 and 42000. For those who missed out on a short opportunity like me, here is a small reflection back on this nearly 50% crash of bitcoin.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.