COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I am not a financial advisor. This chart is for my personal development only.

Based on what I'm seeing, the FIB retracement confluence support lines are being hit and Bitcoin is bouncing off of them consistently.

Also, the FIB Time Zones seem to indicate that were heading into a new time zone now.

Furthermore, Bitcoin also seems to be working well according to the RSI on the 1 minute.

Based on what we have now seen play out, I think we have to consider the big pop Bitcoin had a couple of days back to be an outlier. Whether it was Elons Twitter account, or new money coming in from GameStop & or DogeCoin sells, I think that spike on the chart should be dismissed.

Lastly, I have no idea what happens when we get to the end of this triangle. :)

What do you think?


Comments

All triangle patterns after ATH and a long consolidation broke downside. They have been always a symptom of exhaustion, slowly getting bearish and making people to look in altcoins. Then when altcoins are exhausted too comes the whole correction. You can check the historic charts.
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@jlpayan, Thanks for that insight! I really appreciate it!!!
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