Bitcoin I believe is forming a continuation pattern by trading inside the previous bull market channel. Each bubble in Bitcoin this channel is broken and a new one is made with a lower angle.
Comment:
The fundamental difference between this bubble and the previous 2 is that the angle of the uptrend in color decreases after each market cycle. We are still in the previous uptrend channel. The reason the price began parabolic after it touched the bottom of the channel was that the angle was much lower causing the top of the channel to be around market structure unlike the previous bubbles where the top of the highlighted uptrend was closer to the ATH's. The price took a path of least resistance up instead of down.
Comment:
Unless price closes a weekly candle above the green channel, this is a bear market rally.