EZCharts, a pseudonymous crypto trader, told CoinDesk that to test a bearish direction, he mostly looks at bitcoin’s weekly price closes and wicks. As time passes, bitcoin price forms certain shapes on the chart, giving indications of its direction. “Currently, the market has rallied a bit off our local lows but is forming a very clear bear flag (see the chart below). A bear flag is a technical analysis pattern that points towards downside continuation. Because we formed our macro double top we can see that the trend has been down, and based off this continuation pattern, it seems likely bitcoin will head lower in the near term,” he said.
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