Steppe57

April 2020 consolidation in reverse?

COINBASE:BTCUSD   Bitcoin
Something I recently discovered. If you invert the current timeframe it looks pretty similar to the long consolidation range we had from april to mid-july in 2020. Of course, could just be a coincidence, but the steps are almost identical. With the breakdown we had today, the chances for Bitcoin to drop lower have increased a lot. Only chance would be a strong countermove to trap bears, otherwise I see no reason for this to go up from here, but there is still some time left for bulls to step in. Think a quick drop below 30k would do the trick for the bears.

Be patient and stay safe.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.