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We are seeing one of the most epic price manipulations and fakeouts play out right now in the Bitcoin price chart!
For weeks now, we have been tracking the Ending Diagonal Pattern playing out in the 4-hour timeframe.
This pattern is a reversal pattern that points to growing bullish sentiment for Bitcoin. And the idea of an end to the bearish sell-off we have been witnessing in Bitcoin sent the whole crypto industry into a buying frenzy.
But the big whales were watching this, and what we are seeing now is massive price manipulation, stop-loss hunt, and liquidation for anyone that went long on the breakout of that Ending Diagonal pattern.
What does this mean for Bitcoin and what should we expect next? Continue reading to find out what our current bias on Bitcoin is.
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Is The Ending Diagonal Pattern Still Valid?
The image above is a typical example of what a completed Ending Diagonal Pattern is supposed to look like. However, what we are seeing play out on Bitcoin is totally different price action.
The major support level for the Ending Diagonal Pattern to remain valid was the $37,489 price level in the 4-hour timeframe.
We saw the Bitcoin price shoot through this level in one massive spike down, invalidating this Ending Diagonal Pattern and any hopes of us seeing a rally from this pattern breakout.
The Bitcoin price is still shooting straight down with value down more than -10% just today alone!
What Should We Expect Next?
The honest truth is “we don’t know right now!” Bitcoin is still in a state of manipulation right now and we believe sooner or later we will see the price retrace most of this massive sell-off it just made today.
But until we get a clean and clear direction of what the Bitcoin market wants to do next and what direction the trend wants to follow, we will stand aside and just watch from the sideline.
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