Based on price action of bitcoin so far, one can assume that a descending trend had started a week or so ago with the close of a very bearish candle on the weekly timeframe.
Looking at the daily, a wider head and shoulder pattern is probably in the formation.
On the 4h: Possible a falling wedge is in the make, which might bring the price to the 30000 level. If this level is preached, a continuation of the bearish trend most likely to happen. If that is the case, then we might see Bitcoin going in a reversed parabolic manner towards its base support around the 12000 /1800.
A forecast based on previous price action suggests that this bearish trend could last for 134 days if price manages to stay above 30000, and may go for as far as a year if otherwise.
PS. This analysis fails if price breaks above the descending channel trend line and starts printing a continuation pattern.
Looking at the daily, a wider head and shoulder pattern is probably in the formation.
On the 4h: Possible a falling wedge is in the make, which might bring the price to the 30000 level. If this level is preached, a continuation of the bearish trend most likely to happen. If that is the case, then we might see Bitcoin going in a reversed parabolic manner towards its base support around the 12000 /1800.
A forecast based on previous price action suggests that this bearish trend could last for 134 days if price manages to stay above 30000, and may go for as far as a year if otherwise.
PS. This analysis fails if price breaks above the descending channel trend line and starts printing a continuation pattern.
