Bitcoin Is Hanging by a Thread 🌤️ The Morning Print

Good morning! 

Bitcoin’s recent price action is starting to look all too familiar, and it’s not in a good way.

Let's take a look.

The current structure closely mirrors the setup that preceded its last sharp decline.

Back then, price was compressing within what looked like an ascending triangle, a pattern typically viewed as bullish.

But instead of resolving higher, it failed to break out and quickly moved lower.

Now we’re seeing that same setup take shape again, with the weekly candlestick painting a notably weak picture.

A breakdown of this failed bullish pattern targets roughly $45k, and as we know, from failed moves come fast moves in the opposite direction.

This is starting to feel like Deja Vu for Bitcoin.