Bitcoin's Chart Pattern Signals Potential Downturn, Altcoins Mixed

Summary

Bitcoin is at a critical support level, with a potential bear flag pattern forming that could signal a breakdown. While it's only been two sideways days, a few more consolidation days or slight upward movements could increase the probability of a downside break. The analyst previously called the October Bitcoin high by identifying resistance on a weekly chart, and emphasizes sticking to support and resistance levels until broken. If Bitcoin breaks the bear flag, the next support level to watch is the low from its recent flush, around sixty thousand dollars. Ethereum, on the other hand, is showing more immediate weakness, having broken its trendline and forming what appears to be another bear flag, with likely further downside expected. Minor support is seen around nineteen forty dollars, eighteen fifteen, and a double bottom near seventeen forty. Cardano is also consolidating below its trendline, potentially signaling another leg down, with a double bottom near twenty-two cents as the next support. Solana is holding a down-sloping trendline but has broken another, suggesting limited upside unless it breaks above eighty-six or eighty-seven dollars. In contrast, Hyperliquid is experiencing a significant upward move, with its chart showing a pattern similar to Bitcoin's past rallies, though the analyst suggests it's overextended and may present a shorting opportunity at the trendline. The analyst mentions that while he is still a believer in Bitcoin long-term, he has recently exited swing trade positions.