



(Check out this helpful article from Investopedia for a more detailed explanation of bearish flagchart patterns)

While we have broken this brutal descending channel, it’s easy to forget with all the current hype in the news that this already happened back in February, and that didn’t stop us from ultimately falling to the $6500 range.



It’s also easy to forget that we are still recovering from what was literally the largest bubble in humanhistory back in December.It is very possible that this correction is not over yet. While I’m certainly happy with seeing green like everyone else, I’m cautioning everyone against being overly optimistic; we’ve already seen more than a few downward flags in recent weeks— don’t be surprised if we’re back in the red this coming week. While we have broken this brutal descending channel, it’s easy to forget with all the current hype in the news that this already happened back in February, and that didn’t stop us from ultimately falling to the $6500 range.While I’m certainly happy with seeing green like everyone else, I’m cautioning everyone against being overly optimistic; we’ve already seen more than a few downward flags in recent weeks— don’t be surprised if we’re back in the red this coming week.

There are a couple different theories about what triggered this. In no particular order, they include:It may very well have been a combination of these things. Regardless, the most important question is will this bump actually last, or are we just going to go down again?As I’m typing this right now, the market appears to be cooling off, as I suspected it might. While many aspiring lambo owners are probably scratching their heads in confusion right now, oneof my favorite sources offers an interesting explanation for why this might behappening. According to MagicPoopCannon (yes, I know, stay with me), what we are seeing here is a “false flag pattern”. This is characterized by flagpole patterns followed by rising consolidation phases extending higher than the flagpole, which then breaks down.