You can’t tell me this is bullish…
Price has formed a head and shoulders pattern on the weekly timeframe, which historically carries a high probability of further downside.
On top of that, a major support level got flipped into resistance and has been respected on every retest since.
What adds even more confluence is that most of the upside liquidity has already been swept during this relief rally.
That leaves roughly $30B in long liquidations below, which would get taken out if price revisits $60K. This means max pain definitely sits on the downside.
And here’s the part most people are ignoring.
$60K was reached just three months into the bear market. If this were to be the bottom, it would mean that this entire cycle played out four times faster than any previous one.
If you still want to believe that this is bullish and that this rally will continue, go for it.
But I’ll stick to the facts. See you at $60k…
