Bitcoin possible Symmetry
I have been following bitcoin for some time now trying to observe for potential reversal signs so that those that have been riding the bullrun can take profits at key areas. Usually there isnt much of a concern to be bearish until a lower low is made on the daily which is what happened in May. Once a lower low was made it then came up to make a lower high before falling significantly. now typically you to have some sort of a head being the top of the rally and subsequent price action to the left, now it doesnt always work this way but what we saw in the springtime was a high that was made that was pretty close to where the top was. at 58367. and after bitcoin made the lower low after its 64k high. Now the problem is we dont have a shoulder anywhere near this area. and the only place i could find one is the September low and high. And the first point of supply at that 42.6k area. Is it possible that since bitcoin went straight up after it september low without much selling do we just compliment it by going straight down here to compliment that L shoulder before making a lower high. Again this is just an idea but the symmetry is definitly there. There are many timeframes showing bearish divergences so that could definitly be the play here. Id love to see a rally to the upside to break this downtrend but i have to remain unbiased here.
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