This is why I am still a bear

The chart above is self explanatory. You can see three very bearish patterns:

• a rising wedge
  
• a descending channel
  
• and possibly a giant inverted cup-and-handle formation
  

While I don't believe bitcoin will break out of the downtrend channel, I allow for the possibility of a false breakout up to the upper edge of the rising wedge or slightly above. If this happens we should witness a quick downward bounce and a downward rally. I will not predict the bottom price, in any case it will be low.

Of course, I could be very wrong and not see something obvious so I am open to discussion.

This is not financial advice.

Kommentera:

So far, all the pieces fit the pattern.