BTC Retests and Diamond

Sep 16

- The price has been gradually declining since March, retesting each of the uptrend channels it has been consistently using.
- After completing the 2nd retest at 70K, the price dropped to 49K.
- In fact, 3 days ago, the price tested the lowest of these 3 parallel uptrend channels exactly at $60,600, thus completing the 4th retest.
- The price, which dropped to 49K after the 2nd retest zone, is forming a diamond pattern. You can see this in the red lines. This is another reason for the downtrend."

Key Points:

Retests: The price has been retesting previous support levels (uptrend channels) multiple times.
Diamond Pattern: The price is forming a diamond pattern, which is often considered a bearish reversal signal.
Downtrend: Overall, the analysis indicates a strong downward trend in the price.