What the duck did bitcoin just do the markets are in the red is it time to worry i don't really think in fact i remain bullish on the market overall in fact super bullish but i do want to break down this recent price action for you to understand what it means for the market as well as to share some surprising data points with you why the market is actually still in a very very bullish state you've been looking anywhere around the markets recently suffering from the brutalist
Single day crash in recent memory you know the old-timers they'll tell you the tales of the time long long ago when in one day bitcoin went down by five percent when he had to walk five miles in the cold and the snow just to buy a few satoshi's and when defi it wasn't even called defi we used to call it decentralized finance you kids these days shortening all those words up so gosh darn lazy that time by the way that was last week we had a five percent dip in bitcoin last week and then we get new higher prices the markets are tanking what's going on i think wow man something must really be happening here
You know and so i go when i look at coingecko and bitcoins down like 1.5 percent guys that's ridiculous totally ridiculous what's going on here anyway we're going to talk about that short-term price action here to get started off we're going to dive into some of the uh longer-term things that we're looking at that really just has this bigger picture of why we're in such a strong bull market right now why this bull phase is likely to continue now that breakout from the ascending triangle
We had the other day obviously that turned out to be a fake out but actually very very interesting if you look where the downward momentum stopped for that price correction you see it happening right on the line of support of that ascending triangle that could mean that we could still actually be looking at that shorter term upwards price move towards thirteen thousand eight hundred dollars which has now become the next massively key level for bitcoin to pass over that being said we could see this pattern actually breaking down
Now again i'm still short term bullish unless this pattern fails to result in another move upwards if that were to happen then we would see bitcoin potentially having a bit of turbulence because while the implied upside from this triangle is around thirteen thousand eight hundred dollars the implied downside is around ten thousand five hundred dollars which is an incredibly important number since that is the critical line of support for us to hold
It was a massive line of resistance previously for bitcoin back in in 2019 and even earlier this year and it has actually held as support twice now on corrections for this uptrend if we fail to get a bullish breakout that is where you should be watching for putting your buy orders in at or for going long and actually i found this really interesting pattern that i do want to share with you that could be playing out right now for bitcoin you see the current market structure is looking very very similar to a structure that played out in a very bullish way earlier this year
We had this breakout that was followed by a very short consolidation period then we saw that followed up by a double top that of course was a bearish pattern so we came back down established a firm base of support before hitting yet another double top retesting that sport line and then mooning hard now they're looking very very similar at the moment this model were to play out yes that would imply a failure of the ascending triangle but not a dramatic failure of the ascending triangle obviously you know just because this happened in the past does not mean this is going to play out now it's just a little something interesting for you to think on it's very fascinating sometimes how these patterns play out