There is great bowl pattern on Bitcoin price chart. It seems like Nike's emblem. It is great support for Bitcoin price chart. Bitcoin touched it on the bottom and supoorted while climbing all time high. There is descending channel on Bitcoin price chart will be crossed in a few weeks with these bowl pattren.
The date of crossing is important. Bitcoin price may be in this descending channel until this date. The date is when 2024 United States presidential election is. If Trump wins Bitcoin price may be supoorted by this great bowl pattern and may go up and break up all time high as before. If not, bad day will come for Bitcoin price. Pattern may be broken and we will wait the new pattern. I will take very long time..
This was bullish scenario If we see good results on 2024 United States presidential election.
If not, Crypto market may enter mega bearish trend. Here you can see monthly chart of Bitcoin. There is MACD Indicator. It is trying to not to reverse. If it happens You can see what happened before. We will get a monthly candle in next month. If it will be red, MACD Indicator will reverse on monthly chart. Bitcoin needs big monthly candle to enter bullish trend for long term..
We should focus on the date. I think Bitcoin price will be supported by this bowl pattern. You can see the level of this pattern that may supoort Bitcoin price.
So, I am waiting for this level.
We will see..
Posted Using InLeo Alpha