In the past 48 hours, #bitcoin faced a make-it-or-break-it conundrum: it could either falter due to the bearish flag formation, or it could go against typical technical analysis forecasts and break out into the open.
Fortunately for all HODL-ers, the king of #crypto chose the latter!
Take a look at my bitcoin price chart below:
What's unusual here is that the bearish pennant is usually so reliable in predicting a downturn. This pattern is what's known as a continuation pattern -- investors are tricked into believing a recovery is underway, but it's a bull trap. Eventually, the dominant trend -- in this case, the bearish trend -- continues.
It's just that in this case, bitcoin gave the bearish flag the middle finger!
It also serves as a warning that technical analysis isn't the most reliable indicator in the #cryptocurrency sphere, as I mentioned earlier in my #steemit post.