We're seeing yet another dip on BTC, but I think this is setting us up for a very good and healthy move.
After we bounced off the 6k panic level we formed a nice bull flag and rode it perfectly. The correction that followed was too weak for the final upside to break out of resistance though, so we're here now.
We're sitting on the low point of a parabolic resistance on a linear support- parabolic usually wins the fight in that regard. The best-case scenario is a more healthy dip to 6k, forming a nice inverse Head and Shoulders, ultimately breaking out of this absolutely monstrous bull pennant we've formed.
Of course, this is the ideal scenario for BTC bulls, and I think without a pattern like this we're unlikely to see a retest of ATH anytime soon. We've got until april.
After we bounced off the 6k panic level we formed a nice bull flag and rode it perfectly. The correction that followed was too weak for the final upside to break out of resistance though, so we're here now.
We're sitting on the low point of a parabolic resistance on a linear support- parabolic usually wins the fight in that regard. The best-case scenario is a more healthy dip to 6k, forming a nice inverse Head and Shoulders, ultimately breaking out of this absolutely monstrous bull pennant we've formed.
Of course, this is the ideal scenario for BTC bulls, and I think without a pattern like this we're unlikely to see a retest of ATH anytime soon. We've got until april.