We are back within the descending triangle of the May crash

24 Oca 2022

We have just came back to retest the descending triangle from the May crash. Similar to the SP500 Fractal we have failed the retest and currently BTC is trapped inside.

If the fractal continues to play out, BTC is expected to firstly:
Attempts to breakout of the descending triangle and fail the retest again (bull trap) this is where hope is broken.

After that, BTC will attempt to break to the down side of the descending triangle (bear tap) where a lot of stop losses will be trigged causing further downside. This will have a result of BTC falling below the May lows and completing the ABC correction.

I am not sure how accurate this will play. This analysis was done right after the May crash and has been following the SP500 Fractal pretty nicely.

Please go back to my previous charts to see how we were tracking this pattern starting from the May crash.
If you are interested in more updates you can find me on my social channels where I explain my thoughts on why the market is is undergoing the ABC correction.

Thanks.