BTC is showing a bearflag and a triangle pattern. One is bearish, but the triangle is rather bullish.

Let's have a look at those patterns while BTC keeps on taking its time.

I do favor another drop as the end of this correction, but I don't have a fixed opinion. Why do I favor it? Because such weak upside momentum is usually an indication that the correction needs another leg down.

The total volume is decreasing right now as it would be expected to in such a market phase. The longer it stays like this, the bigger the breakout will be (calm before the storm).

But also remember that haejin says, when in doubt, it is usually a triangle in cryptos.

We will find out soon. Stay calm and endure this annoying correction. It is necessary for further growth.

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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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