History Does Not Repeat, But Often Rhymes $BTC

19 พ.ค. 2021

Some similar 3 weak new highs, followed but 1 new lower high patterns to compare. When trends have a loss of momentum and it is impossible to maintain you typically see these rounded top looking distribution patterns. The good news is that the 200 Day moving average is being tested. The bad news is that is Bitcoin cannot find the buyer support that it needs, then it could be a slow bleed or a whipsaw for the unforeseeable. Bulls must either buy like crazy or close margin longs and allows for a quick capitulation candle. A leveraged long shake out and bear trap could be just what the market needs in order for new liquidity. However if the Crypto class of 21' gets distracted by all the new sh*t coins and pulls out of BTC, then the flipping may be real and the BTC Maxis will panic.