Long Term Bearish Outlook
If we were to see a violation of the lows (RED LINE) of this formation then the prediction would be a 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.