Bitcoin's biggest issue is its repeated failure to make a higher high. You can see from the daily chart above that ever since hitting the all-time high last December, we have not had one candle close to set a higher high. However, you can see the price is forming a massive falling wedge. I think the $3000 area at the bottom of this wedge is also a strong historical support area. It may just be the support we need to push the price to its first higher high.
I think we have a confirmed downtrend line after rejecting the price 3 times. This downtrend from last year's high stopped the Tether scare pump in October, caused the massive drop from $6300 in November, and rejected the inverse head and shoulders pattern we had in January at $4200. But if Bitcoin can 1) confirm support at $3000 and 2) break through the downtrend only a couple hundred above it, I could see a strong push to $6000.
I think we have a confirmed downtrend line after rejecting the price 3 times. This downtrend from last year's high stopped the Tether scare pump in October, caused the massive drop from $6300 in November, and rejected the inverse head and shoulders pattern we had in January at $4200. But if Bitcoin can 1) confirm support at $3000 and 2) break through the downtrend only a couple hundred above it, I could see a strong push to $6000.
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I'm not buying this pump.
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BTC is following the previous fractal and continues to look weak.
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It's not looking good. BTC's last fall broke through two levels of support that are now overhead resistance. Price actions is forming a weak bear flag pattern headed toward 3 resistance trends. I think we're headed further down.
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Following the previous fractal almost exactly
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Following the previous fractal almost exactly