BTC: Forming a bearish patern!
Updated
Upon examination, it is evident that the price has been forming a bear flag which Is a bearish pattern. If the support zone breaks, a move down to 27.5k will likely happen!
If we zoom out to the 8 hr. chart, we observe that the price has been forming a bigger head and shoulders pattern, which also is a bearish pattern! If the price breaks below the neckline, it will most likely fill the fair value- and CME gap.
Or one would say that the price is forming a bigger triangle formation:
Additionally, the current market period seems to follow a similar pattern to the one observed in 2021, suggesting that the market may experience a downward movement that could lead to a decline in value to 13.5k. While history doesn't always repeat itself, it's worth noting that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
If we zoom out to the 8 hr. chart, we observe that the price has been forming a bigger head and shoulders pattern, which also is a bearish pattern! If the price breaks below the neckline, it will most likely fill the fair value- and CME gap.
Or one would say that the price is forming a bigger triangle formation:
Additionally, the current market period seems to follow a similar pattern to the one observed in 2021, suggesting that the market may experience a downward movement that could lead to a decline in value to 13.5k. While history doesn't always repeat itself, it's worth noting that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
Note
The price broke below the rising channel and got supported by the support zoneNote
It played out exactly as expected!
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