Chart Of The Day: Why Bitcoin Will Keep Falling

Bitcoin It is the longest winning streak for 6 consecutive days since March 29, which continued the upward trend for 8 consecutive days.
Crypto Trader il Capo Of Crypto said in a tweet last week that there is a buying interest pattern that is separating supply pockets while BTC prices are falling. Il Capo predicts that cryptocurrencies will rebound 19% if companies stop accumulating.
Nik Bhatia, author of Layered Money, and Joe Consorti, analyst at Bitcoin Layer, argue that “a dormant supply peak is a springboard for price growth.”
This is a favored argument by crypto traders that the dormant state of the Bitcoin price is bottom. They cite examples from 2016 and 2020, when Bitcoin was quiet and then price exploded.
I disagree with them and here are the reasons:

In 2016, Bitcoin's bottom set the stage for a large symmetrical triangle, followed by a steady upward trend.

In 2020 BTC bottomed out soaring to an all-time high of $64,374 on April 14, 2021.

In stark contrast to the previous two examples that followed the lows, BTC today is hitting the highs and not only the highs, but the biggest $35,000 in history.
The price also finds resistance below the uptrend channel, yielding to the more important bearish channel. For reference, the price fell below the 200-week moving average (WMA) for the second time since March 2020. This is the first recorded since September 11, 2017.
However, the weekly price closed slightly below the gauge and rebounded the following week. Currently, Bitcoin is below 200 WMA for the fifth week in a row. Also, 50 WMA fell below 100 WMA even amid these rallies.
I'll be the first to say that when Bitcoin hit bottom. According to the principles of technical analysis, digital coins are on a much lower trajectory since January. The price is retesting a broken uptrend near the top of the downtrend and offers a potentially ideal entry, at least from a risk-reward perspective.
Remember to trade with a plan that includes timing, budget and temperament. If you don't know how to write, you can practice self-learning with the general examples below. The principle of descriptive analysis is a statistical resumption. There is no way to know whether this market will follow the statistics. So, close your eyes and imagine a loss before you start trading. If you can't process it, do not participate in the transaction. The longer you consistently trade, the better your overall trade will be.
Trading strategy
Conservative traders should wait for a new low below the 8th of June and sell a correction rally showing resistance.
Moderate traders will sell on evidence of resistance at this level.
Aggressive traders can sell now.
Trade sample
Admission: $22,300
Stop Loss: $23,300
Risk: $1,000
Goal: $19,300
Reward: $3,000
Risk: Reward Ratio: 1:3
Disclaimer: The author does not currently own the securities mentioned in this article.