Quick Bitcoin Update. Double bounce off the Critical Support

Bitcoin bounced almost perfectly off the critical support area I've outlined in my last couple updates. It's bounced off it twice now.

Remember, every time a support is tested, it gets weaker. If it tries to test the critical support a third time, I would be ready for it to break. The next major support line would be the bottom of the descending triangle as charted. This would theoretically complete the ABCDE pattern. A drop below the descending triangle would suggest a continuation of the bear market and we can expect Bitcoin to test $7,000.

Zooming out to the 2 hour chart, we can see the possibility of a major impulse wave up once the ABCDE pattern completes. This count will only be validated if Bitcoin breaks above the descending triangle.

I'm bearish in the short term but Very Bullish long term. We need to exit the Descending triangle up or down in order to have real clarity on the direction of Bitcoin over the next week.

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*Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.