The spike low and rapid (partial recovery) creates a wider down trending channel.
Now we must wait to see if price once again follows the slight uptrend outlined by the Schiff Pitchfork. So far it seems that it will be difficult for BTC to make new highs in the next few weeks.
If you look at the monthly picture of XAUUSD (Gold), You can see that after the all time high in 2011 price shot down then retraced back then a gradual downward trend for years.
BTC is doing something similar albeit on a much smaller and faster scale
Now we must wait to see if price once again follows the slight uptrend outlined by the Schiff Pitchfork. So far it seems that it will be difficult for BTC to make new highs in the next few weeks.
If you look at the monthly picture of XAUUSD (Gold), You can see that after the all time high in 2011 price shot down then retraced back then a gradual downward trend for years.
BTC is doing something similar albeit on a much smaller and faster scale