Is Bitcoin trading in a Bear Flag / Descending Triangle?
It's possible that this is a giant inverse H&S, but looking for bullish patterns in a bearish micro downtrend is a great way to get rektt!
Bitcoin is trading well below the 200 Day MA & any time we've seen bull markets in BTC's history its traded above it, so the bearish sentiment is warranted.
Also, if we look at the same chart on a 1 year time frame it looks like a giant descending triangle as well, but there could be more of a bullish narrative on a macro scale & end up playing out as a Giant bullish flag, especially with the continued threat of World War 3. I said last year that the U.S was going to invade Iran, and 2020 is possibly going to end up coming to fruition, only time will tell.
I've linked my previous post where I made referencing to Iran & Bitcoin.
Bitcoin is trading well below the 200 Day MA & any time we've seen bull markets in BTC's history its traded above it, so the bearish sentiment is warranted.
Also, if we look at the same chart on a 1 year time frame it looks like a giant descending triangle as well, but there could be more of a bullish narrative on a macro scale & end up playing out as a Giant bullish flag, especially with the continued threat of World War 3. I said last year that the U.S was going to invade Iran, and 2020 is possibly going to end up coming to fruition, only time will tell.
I've linked my previous post where I made referencing to Iran & Bitcoin.
Comment:
This is the same chart but 1 year.
