Bitcoin is starting to slip back underneath the major down sloping trend line it had broke out above recently. Caution for a false break out was warranted as it was still back testing the underneath side of wave 3. A secondary trend line was drawn under wave 3 with a new low in place. These two trend lines from wave 3 could be considered inverse Gann line pattern which also suggests it's tiring. Typically I look for 2-3 to form prior to the price action breaking down. We now have 2.
A slip below the major down trend line falling back into the channel would be further evidence the pattern is turning negative. I'm rolling back to a short bias given the price action.
A slip below the major down trend line falling back into the channel would be further evidence the pattern is turning negative. I'm rolling back to a short bias given the price action.