Bitcoin Bullish Parallel Channel - Bearish in the short term
Updated
Bitcoin has lately experienced a “winding down” of the bullish vibes in the market, so it makes me think it’s the type of feeling you get right before a big move. Because of how the indicators are positioned, and how bullish and cautionless the market currently is, I expect it to dump to new lows.
As shown in the chart, we're in a bullish parallel channel, and I expect BTC to dump to the 57k support level, and then retest the ATH at 73k. It also shows two tops, so it can be argued that the current state of the market lies in a double top pattern.
Additionally, it seems there is a bear flag pattern formed in which the price currently lies in.
Timeline for the dump and the upcoming bottom is about two weeks.
Also, not shown in the chart, but Weekly RSI is in an extremely overbought position, which is extremely bearish when looking at the big picture.
Candle
I expect the retracement to start within the next 48h.
As shown in the chart, we're in a bullish parallel channel, and I expect BTC to dump to the 57k support level, and then retest the ATH at 73k. It also shows two tops, so it can be argued that the current state of the market lies in a double top pattern.
Additionally, it seems there is a bear flag pattern formed in which the price currently lies in.
Timeline for the dump and the upcoming bottom is about two weeks.
Also, not shown in the chart, but Weekly RSI is in an extremely overbought position, which is extremely bearish when looking at the big picture.
Candle
I expect the retracement to start within the next 48h.
Trade active
Market just started dumping really hard, so we’re in the right track. Still expecting a dump to 58k at least.Trade active
Trade still active. The bounce over 70k was a bulltrap. Waiting for it to go to the 60k level.
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