As you can see in the chart, BTC is going in an exact same path as the past!!!
Starts with a slow decline, then a big drop, then consolidates with a flag, hits the down trend and breaks down, hits a strong support twice in a short time then bounces back up a bit, fake out of the down trend but fails to make a real break out, then drops back into the down trend (currently it's in this step), breaks support and finally hit the bottom.
Will the history repeat???
Starts with a slow decline, then a big drop, then consolidates with a flag, hits the down trend and breaks down, hits a strong support twice in a short time then bounces back up a bit, fake out of the down trend but fails to make a real break out, then drops back into the down trend (currently it's in this step), breaks support and finally hit the bottom.
Will the history repeat???
Note
This might still be valid. I may have mistakenly identify the circled fake out, it could be the last (bigger) bull trap rather than the one that I circled.
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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.