Bitcoin: Bearish Evidence Is Racking Up (May 6)

X Force Global Analysis:

We are seeing an interesting fractal that seems to be playing out similar to the rise we had in Bitcoin's best 1D run back in November of 2019. It was followed by an extremely similar pattern that was showing the same form of Elliot Waves; furthermore, is also showing the same bullish pennant that everyone thought was going to play out.

We advise traders to be extremely cautious as the liquidity theory suggests that bears can easily take control whenever they would like, and the evidence suggests that all things are lining up for such a move.

Please check our previous analysis on the EW analysis:

Trade Safe.