Bitcoin has been locked in the same large range for many months and will only be a matter of time until that range is broken. While I intend for this range to break lower eventually, one of the mechanisms that I am watching for that to happen is this price mirror idea shown in the chart.
If the price mirror is followed, we may have another short term price upside/chop before we really see a decline. Technical traders will also see this price mirror as a head and shoulders pattern, where currently we are printing the right shoulder.
Regardless of the pattern that is followed, the first major sign of weakness will be when we start seeing lower lows on this 4hr timeframe.
Bitcoin has been locked in the same large range for many months and will only be a matter of time until that range is broken. While I intend for this range to break lower eventually, one of the mechanisms that I am watching for that to happen is this price mirror idea shown in the chart.
If the price mirror is followed, we may have another short term price upside/chop before we really see a decline. Technical traders will also see this price mirror as a head and shoulders pattern, where currently we are printing the right shoulder.
Regardless of the pattern that is followed, the first major sign of weakness will be when we start seeing lower lows on this 4hr timeframe.