BTC in compression
We are amid a double-bottom rebound in the short-term timeframe, which looks like a triple-bottom pattern that reminds us of the inverse head and shoulders.
Nevertheless, the chart is moving slowly. Why is this? At least the arc answers. We are in the middle of a compression. Where does the compressed energy go?
Let's look to the left here. Even conservatively, symmetrical and descending triangles are formed, and if we do a more non-standard pattern fitting, is this an inverse cup & handle? If so, it's odd that the decline stops where the top of the green box indicates.
By the way, the chart has long respected the gray arc. It seems to be wobbling around, but if BTC turns around and resumes its dismal gray or monotonous decline, we should still see the bottom below.
However, one never knows what will happen in the market. Let's keep an eye on the compression ahead.
*Hate comments or meaningless criticism are not welcomed but will be immediately reported.
For those who hate arcs but like more standard analysis, see my previous idea.
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