Papa Bear is currently completing what could be a contracting triangle. This can be confirmed on completion of the pattern shown on the chart.
The triangle has been marked on the chart along with its forecasted movements (black arrows) over the next couple of weeks should it continue in this formation.
In this projection, I foresee it correcting downwards to the lower edge of the triangle for the next two to three days (it’s target point is an approximation only) followed by a small rise up to the upper trend line, ending the triangle with a final thrust towards the lower trend line.
What it does from there is anybody’s guess. What can be safely deduced from this is that it is still in correction and, therefore, not ideal for a long-term trade as yet.
As always, we will continue to use its movements to trade successfully in other rising cryptos.
(Use this chart as a guide only, not a trade signal)
Trading View link: https://www.tradingview.com/chart/BTCUSDT/T5rBTbfe-Papa-Bear-is-still-a-Bear/