Public Chart: A Brief Look at the Structure on Bitcoin

I haven’t published a public chart in bit, so I thought I would share this thought I have on the structure on Bitcoin.

For months, it’s moved essentially only sideways, and if we draw parallel rails around the price action, it resembles a large bear flag. And typically, if this huge structure is just a consolidation prior to another drop, it should become some kind of 3-wave pattern. And if so, it looks incomplete to me. We went up, we went down, and I think it needs to go up one more time.

Therefore, though it need not do it in a straight line, it’s possible that this has another rally to the upper rail before resuming its downtrend.

BTC


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