Maybe this is what's going on with Bitcoin
This is a very simple analysis of why I believe that Bitcoin is both bullish, yet pulling downwards. Simply put, the green tunnel Bitcoin was happily travelling in has become a little too small lately. Bitcoin has grown and needs more room to stretch its legs. Another yellow tunnel has been forming, and Bitcoin already hit its top a while back (round yellow circle). Normally, whenever we hit the sidewall of a tunnel, we tend to bounce back in the other direction like a game of pong... but this time... we already hit a bottom in the green tunnel, so why aren't we racing back up to new highs? We are still being pulled down. Maybe this is because we are in a struggle to invalidate this infantile green tunnel ASAP, so that we can rise back up beyond its ceiling all the way to the top of the yellow tunnel? These flags/paths/tunnels keep changing all the time, but we need to zoom out to really notice. This yellow tunnel won't fit for long, but right now, it fits a lot better than the green one.
Note
To be more clear, in order to invalidate the green tunnel, we need to break out of it from the downside (much easier than from the top of a tunnel) and hopefully even tag the yellow tunnel's lower yellow line. Once this has been completed, our new target is to tag the top yellow line again, which by now is growing to over 100K
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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.