Hello guys, just a quick post because I found a new chart pattern for Bitcoin vs the USD. So as you can tell from the title I am remaining Bearish on BTC/USD overall and the pattern I found is a rising wedge on the 4 hourly which I believe could very well take us down to $6,000:
We are of course not confirmed going down yet, a close below the red support trendline would be required for the short trade setup to occur but it does look fairly inevitable that we break down. Keep open-minded anyway as always!
This pattern goes along with the analysis I posted in my last post which I still believe looks likely to be correct. You can find that post here: Why I Believe The Bull Move For Bitcoin Failed, and We Will Continue Down!.
Finally here is something for you Elliot Wavers out there (don't really believe in it myself but if I did this would be my count):
Let's see what happens with the Rising Wedge pattern! Thanks for reading, have a good day :)
Edit: Probably more of a Bear Flag than a Rising Wedge actually, both bearish patterns either way:
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
I've seen a bunch of people sold just to buy this dip to increase their position recently.