Here's another typical pattern for Bitcoin -- we see a break of support, establish new support and then a huge fake bull move which tops the prices of the consolidation pattern. The secret? It's all fake and predictable.
There's nothing relevant about this last dump and rally that has any sort of bull continuation written on it. We're seeing declining bull volume once again. This is just another weird pattern that we always see from Bitcoin.
The significant thing to me now though is that Bitcoin broke support that it double bottomed off of (which we knew it would since there was no upside move after the second touch and go). Since this happened, the more important thing is that Bitcoin found new lower support at the lower low. This is showing the bears are still in control and we will see more legs down.
For now, we have $3,481 and $3,425 as supports.
