BusinessPanda

BusinessPanda

Tracing the weekly highs of Bitcoin's 2021 double top and translating them onto the current highs reveals some startlingly similar patterns. Removing just a couple of week's bars between the two tops in 2021 gives a very close match to the current pattern we see unfolding. Are we just watching an action replay? If so, we would be looking at ~$140k highs by...

BusinessPanda

Despite yesterday's mini-dump, which initially appeared to be the right shoulder of the head and shoulders breaking out, the immediate retracement means the trading range sits within the range seen in the left shoulder. We are still inside the incomplete head and shoulders pattern, and a bearish parallel channel. If the price breaks out to the downside of the...

BusinessPanda

On the daily chart, a large head and shoulders pattern appears close to completion, suggesting a potential reversal of the recent uptrend. The formation is somewhat uneven, but in volatile markets like this one, clean textbook patterns are rarely seen. Continued bullish sentiment has slowed the reversal, with buyers stepping in to support the price during each...