Since capitulating a coupe of days ago, BTC has been trading relatively steady. During this period, a bullish channel has been drawn on the chart. Classically, bullish channels in a strong down trend will result in bear flags, which will eventually lead to more bearish price action. See my previous post where I already discuss this possibility.

For now, I think it’s likely that BTC will continue to trade within the pattern. However, I’m afraid that we’re going to break out on the bearish side and make a new low in the not so distant future, as per my previous BTC analysis.

For now, enjoy the relative calm in the markets.