Fancy neon lines on a Bitcoin chart says bearish trend

2 Şub 2022

So since I dont have a clue what I'm doing - I drew some fancy lines on a chart.

They are telling me that we're currently in a bearish parallel channel which have accurately been rejecting us multiple times over the past few months.
Within is another bearish parallel channel that we've been staying within for the majority of that time, and have been rejecting breakouts even more times.
I put up fancy blue lines and some other colors too to make a discoteque of support lines on historical supports/resistance on different time frames. Scary ones are reddish and thick and moonboi ones are green and thick.

We can also see that in the later part of this bear trend we've been sitting comfortably in the top half of our channel while the start we were sitting in the bottom half - lately we've been trending in an ascending triangle towards the roof of the large channel, and yesterday we were rejected again after touching the roof - the roof of the channel doesnt like to be touched in inappropriate places.

The ascending triangle is a continuation pattern, and we fell through the bottom a few hours ago - this is likely an indication we will resume our previous bearish trend and head back towards the center of our channel. This also coincides with the triangle being a bear flag, which based on the prior move will send us down approximately 25.4% over the next 4-5 days.

But then again, what do I know - I'm just your friendly neighbourhood ABE - making a discochart. Please proceed with caution, I have no idea what I'm doing - but I probably would avoid going long at this time.