Bitcoin (BTC) Daily Update- Setup for Bear Trend Continuation (Charts) $

As was shown in last BTC update, if btc doesn't reach 13k on this uptrend the pattern would remain bearish. This is exactly what happened. Since 13k target wasn't achieved there as no setup for further bull run, which remained a bear pennant to be strong. Now that the Bear pennant has been broken, the price starts to develop a new large formation- Descending Triangle which sets up a strong continuation of a downtrend with Fibonacci target at around $7k. Elliot Waves also remain intact, with wave 4 being this huge triangle that price was fluctuating in for the last 2 weeks, and now that we saw a breakout the 5th wave has began. In addition 100 day EMA is crossed by 12 day = STRONG BEAR SIGNAL

On a smaller scale, btc is forming small falling wedge near support level, which indicates that price may bounce back up to around 30-50% fib levels before continuing downtrend and breaking out from the descending triangle. Also hourly MACD is upward crossing, so we may see short lived uptrend before price fall.

Always use stop losses!!!!