Technical analysis by persistent_edge about Symbol BTC: Sell recommendation (4/11/2022)

Classic market structure. Clean bear flag setups but expect a lot more downside from the bigger move. Regardless of its true utility, the majority of people that bought Bitcoin did so because they thought it would go up. I don't think the next round of buyers is going to be there and the overhead inventory of trapped longs is probably huge. There is so much supply above waiting to sell, we will probably see a liquidation to clear out that trapped inventory.