There was plenty of talk of bitcoin doing the double bubble pump, based off prior price patterns from years ago. I would like to put forward this idea that bitcoin is in a similar trend that occurred in 2014, resulting in a drawn out bear market.
If we are unable to push higher here and reverse, I would not be surprised if this bear markets continues for over a year.
We can see that below 10.7k, the 10k psychological barrier will probably not be big enough to stop BTC going down around 9k for the next level of support. Based off the volume profile seen on the right. Do also note bearish divergence on the RSI.
Above 12k however and there may be no stopping us before we reach 20k.
I am currently waiting for a breakout in...
Looking at the one hourly chart. We can see we are currently still trading in a side-ways pattern that has been going on for an entire week now.
We still have the 8000 level providing over head resistance, while this level holds I remain bearish until proven otherwise.