Just wanted to share some patterns I've seen in BTC over the past couple of weeks.
After the initial crash on May 19th there was a bounce and a subsequent crash that formed a bullish ABCD pattern.
This led to a mini relief rally and prices shot up.
A Head and Shoulders pattern formed followed by another drop.
We've slowly rallied since then but volumes remain low and are dropping meaning movement in price action are weak.
A bearish Butterfly formed followed by a sharp drop once again.
At least temporarily there's some relief after another ABCD pattern. This one isn't nearly as strong as the first. I don't expect price to reach the top of the formation and would be surprised if it reaches the C point of the formation. If anything it is forming a Bear Flag and I'd expect price to drop further down us below the A point of the Butterfly pattern to 33k.
Anyways, let me know what you think.
IMO, now is not the time to go long on Bitcoin.
After the initial crash on May 19th there was a bounce and a subsequent crash that formed a bullish ABCD pattern.
This led to a mini relief rally and prices shot up.
A Head and Shoulders pattern formed followed by another drop.
We've slowly rallied since then but volumes remain low and are dropping meaning movement in price action are weak.
A bearish Butterfly formed followed by a sharp drop once again.
At least temporarily there's some relief after another ABCD pattern. This one isn't nearly as strong as the first. I don't expect price to reach the top of the formation and would be surprised if it reaches the C point of the formation. If anything it is forming a Bear Flag and I'd expect price to drop further down us below the A point of the Butterfly pattern to 33k.
Anyways, let me know what you think.
IMO, now is not the time to go long on Bitcoin.
