As I mentioned previously, the failure to confirm a potential pattern (in Bitcoin's case, a Head and Shoulders) is often followed by a significant drop, as we've seen.
Right now, the chart is forming a double top pattern (bearish). So, everyone should pay close attention to its potential formation or lack thereof, because if it doesn't confirm, we could see a similar scenario to the failed previous pattern, though in this case, the outcome would be bullish.
This increasingly frequent failure to confirm classic patterns has a psychological basis: since everyone is familiar with these patterns, they assume they will happen, causing the opposite to occur. Therefore, right now, these patterns become an extremely important tool to trade against and achieve good profits.
