BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract

If we were to see a violation of the lows (RED LINE) of this formation then the prediction would be a bearish breakout back to last years support of around ($3000)

Tips on how to trade this pattern:

1 - Positioning yourself in anticipation of the breakout.
2 - Positioning yourself during or directly after the breakout
3 - Waiting for the confirmed breakout and waiting for a pullback.

From the all time high, BTC has formed nothing but lower highs on the chart. Not a single higher high is present (counting only major peaks) which is a powerful observation to the overwhelming bearishness that exists. Technically, it is very beaten. Fundamentally, mass adoption is practically nonexistent, which isn't a surprise since cryptos continue to be plagued by fraud, uncertainty, extreme speculation, institutional rejection, user unfriendliness, and a myriad of other complications.
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