Hello guys so I have been working on improving my ability to use Multiple Time Frames to analyse Bitcoin and here is what I have come up with in terms of a possible Bearish perspective:

On the Weekly Chart (top left) you can see that I believe if we close below $7,500 on this time frame then there is really not much to stop us from hitting $6,000 again (or go even lower).

On the Daily Chart (top right) I have labelled each wave of price movement based on whether I believe each to be an impulsive move (a move with the overall trend) or a retracement (a move against the overall trend). You can see that I believe we failed the overall up-trend at around the $11,700 price area on the 5th of March and after that we moved back into an overall downtrend. I now believe that we have another impulsive move down on our hands.

On the 12 hourly-chart (bottom left) I have zoomed in on the recent impulsive move down and retracement waves to try to find evidence that the recent move up was infact just a retracement move. As I have shown in the image, if we close convincingly below the 23.6% fibonacci retracement level on the 12-hourly then I believe this confirms that the recent up move was in fact just a retracement within a now overall downwards trend. Another impulsive move down would then be expected.

Finally, on the bottom right chart I have the 6-hourly chart and I have labelled recent significant lows and highs to again try to determine if the move up was a retracement or not. The most recent high was lower than the high before that and so this is not a good sign for the bulls. Price has also went lower than the most recently established significant low and so I would expect a lower low to form some time in the near future as well.

That is all I wanted to show you guys in this post, hope you got something out of it and let me know in the comments below what you think! As always have a great day and keep grinding them charts :)

Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.