Hello traders, it looks like we are in another continuation pattern to the downside. Bitcoin is in a massive downtrend with no signs of recovery right now. So I figured I would bring the bearish scenario for this current pattern we have been trading in. It looks to be a descending triangle with a target of 20,800. This would complete sense for us to test the ATH before we continue our way up to 100k. Most of us bulls don't wanna hear this, but in reality we have to accept it one way or another. I would not buy anything right now till we show 100% confirmation signs of breaking to the upside on a Daily time frame. Till then, sit on the sidelines and watch the bears go crazy for the mean time with what they got left. :D
All alt coins will take an extreme hit from this. So I would stay away from everything right now. Nothing is safe.
Indicators: RSI MAC D
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If we manage to break to the upside, we have a target of 54845.