Crypto Analysis | BTC Symmetry Confirmed?

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Looks like the BTC Symmetry Pattern might play out after all

Last week I posted about this symmetry which I thought could be an indicator for future price movement. You can see the chart here again:

The idea was/is that we are moving in this parallel channel in which a very clear symmetry can be observed. When the second peak on the right side was higher than the one before I wondered whether this pattern was valid. But now with the confirmed "crash" to 21k, this pattern looks like it could be confirmed. Of course one final movement is still missing: the strong impulse wave going up.

Here is how it looks for the current chart:

Because we had ahigher high on the right, I wasn't so sure whether it would hold. See how the high in the left oval is to the right and the high in the right oval is on the right as well (in a symmetry this should be opposite).

There seems to be some good support at current levels coming from the parallel channel as well as the macro trend line acting as a support at around 20k. Obviously this is an important level: if price goes lower "all hell will break lose" and BTC could go sub 17k.

But BTC has been now in a downward pattern for almost 10 months. I think it is more likely that we will get a bear market rally and a retest of previous lows which could something like this:

 

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As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!

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