BTC Update (3/7/18) - Bearish

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Despite many technical analysts being in denial and focusing on short-term bullish indicators such as the inverse heads and shoulders and W's, the overall pattern is clear. Bitcoin will be bullish overall in 2018, but it must first truly finish its retracement, and enter a period of low volatility at its true rock bottom before the full recovery up to 20k can begin. $6000 is Bitcoin's strongest level of support, and after that point in Fall 2017, it recieved a massive surge of un-tested growth before correcting. We have had a run-up to the 10-11.8k, though we cannot rule out the possibility of an all-too-common denial phase in the stock market in which people believe it won't get any lower and they buy in to prop up the price expecting a bull-run shortly. As you see on the chart, we've only seen bear flags. Recently, I had expected BTC to form a rising wedge but it broke below that much sooner and its looking more like a bear-flag now which is no less bearish . The fact is that we can't unsee the $6500-7000 mark that it dropped down to. If you're a daytrader, I can see merit in buying the low of a range. However, for everyone else, either wait for a cheaper Bitcoin or until Bitcoin is actually on a bull run.

Edit: There was a mistake in my drawing. The lower small yellow wedge line was accidentally moved higher than it should have been. The angle should have been wider to touch the 9.3k mark at Feb 26.
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