Description
⋅ BTC seems to be almost following the classic market cycle model to the letter.
Despite a couple of efforts to recover it continues to dip into a deep correction.
At the moment it is moving towards forming a descending triangle, which would continue the downtrend unless it breaches the top trend line.
RSi level 50 supports further dip, as well as the MACD cross over bearish.
Also, notice the deep slopping M formation on the daily on the MACD and the chart it self, a bearish a pattern.