Hiii Cohorts!! Trust y'all are doing great? It's been a long time i made TAs on cryptocurrency though it's bad meeting btc at the edge of a cliff. Well, this was very much expected because of the price action of btc completely corresponds with the technical analysis. At the moment, btc has formed a bullish inverse and head and shoulder pattern after an voluminous dip from 69k but now starting to get futile due to the triple rejections at the weekly resistance level (45.7k). Now, bitcoin is probable to follow the harmonic pattern in the descending channel if it fails to close above the weekly resistance (43.1k) which will ratify a possible era of a new bull season. The harmonic patterns have been playing out consistently since the second time bitcoin survived (30k support level) in july 2021 which is now regarded to as a major support level for bitcoin. The current state of the crypto market is still bearish until we see a reverse above the weekly resistance (43.1k). Sooner or later, we'll ascertain the next possible move with the help of the lower time frames but for now, bitcoin is absolutely bearish.
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