It's been a long time since I've posted anything, so today I'll share with you my brief observations. Well, I found an interesting pattern on the chart. Three consecutive wedges:
The first one (basically a bullish pennant) shows the path Bitcoin has taken from its 2017 peak to the Covid bottom.
The second (a broadening symmetrical wedge) shows the current situation. As you can see, Bitcoin is just getting out of it. As we can all see, it does not look good from this perspective.
The next last wedge, in my opinion, indicates the likely path that Bitcoin will travel in the coming years. I assume that the move will be upward, however, if we take a good look it is not so obvious. It could be a bearish pennant.
The above analysis is my personal opinion and should not be treated as financial advice.
The first one (basically a bullish pennant) shows the path Bitcoin has taken from its 2017 peak to the Covid bottom.
The second (a broadening symmetrical wedge) shows the current situation. As you can see, Bitcoin is just getting out of it. As we can all see, it does not look good from this perspective.
The next last wedge, in my opinion, indicates the likely path that Bitcoin will travel in the coming years. I assume that the move will be upward, however, if we take a good look it is not so obvious. It could be a bearish pennant.
The above analysis is my personal opinion and should not be treated as financial advice.
