TechniBlock

Bitcoin and the lines to watch over the next few weeks

BITSTAMP:BTCUSD   Bitcoin
I think we are due for a small rally over the next few weeks before heading lower. These are the two lines I am watching. I see Bitcoin's high as the 2021 peak not the peak made on bearish divergence in 2022. Just look at GBTC and you can clearly see it made a lower low on the second pump leading to the 2022 high and is forming a better looking descending triangle as it is in a full distributive formation. Capitulation will happen this year but in order for that to happen we have to shake out all of the crypto fan boys trading in pure emotion. This distribution could take some time. I am viewing this from the weekly chart with a zoomed out lens. A moon boys Moontopia is the route to emotional mayhem.

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