Every time I put together a chart and post it, I try next to invalidate it.
My last chart (see linked) was about a possible backtest of support at 50k in the coming five days.
This chart takes the contrary view.
I posted in April a chart that examined the immediate period before the 2017 peak, and asked whether this might be repeating now.
Looking at the pullback that I think is mirroring April's correction, did we see a backtest?
No. There was no backtest.
From where BTC is now, it was only upward in 2017.
It's interesting to note the similarity in chart patterns, including the double-top.
What we want to know is, is it safe to long from here?
Always BTC faces us with this dilemma. For whatever coin you're interested in.
Are we at a new local low?
What is your opinion?
Let me know in comments.