Last time I pointed out two possible scenarios. The first one was the breakdown on the demand line without any bounce. The second one – crash only after pump. It seems looks like the Bitcoin chose the second scenario.
On the 4h BTCUSDT chart we can see that the true bullish divergence have been already formed and it could be the trigger for the price growth to $25500, to the supply line. Moreover the price did form the local diamond pattern. For me this is the sign of bear’s weakness. We have to see another one leg up to make most of traders greedy and liquidate all short positions.
In case of described pump the super strong bearish divergence is going to be formed. After such divergences the new mark down phase starts. And finally I am still waiting for $17k per Bitcoin.