Bitcoin / TetherUSShort
$BTC History Repeating?
As shown in the chart, the current crypto revival and bitcoin run shows many similarities to the massive growth of 2020-2021. It has consistently been overbought on most MACD/RSI-style indicators, and in both scenarios BTC forged a new all-time high with very few red days. Bitcoin has currently broken down the local support, and on smaller time-frames has formed a head and shoulders pattern:
These similarities could indicate a pullback similar to the one in 2021, in the ABC elliot wave pattern, and potentially to a significant fib level. I am expecting a short push to the upside before a larger push to the downside into the 60k price range, which also happens to be the 50% retracement. This is just my opinion however, and I could be completely wrong. Good luck!
BTC forged a new all-time high with very few red days. Bitcoin has currently broken down the local support, and on smaller time-frames has formed a head and shoulders pattern:These similarities could indicate a pullback similar to the one in 2021, in the ABC elliot wave pattern, and potentially to a significant fib level. I am expecting a short push to the upside before a larger push to the downside into the 60k price range, which also happens to be the 50% retracement. This is just my opinion however, and I could be completely wrong. Good luck!
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