Bitcoin appears to be forming a potential Bump and Run Reversal Pattern like it did in 2020 on the 1 Day Chart. I'm not sure how likely this is to play out but it could potentially happen if everybody stops going 50x short.
Bitcoin and the S&P 500 are closely tied together. Since the S&P 500 is still maintaining a bullish structure, people should still remain bullish on Bitcoin in the immediate short term until the bullish structure breaks.
Bitcoin appears to be forming a Bullish Shark pattern on the 1 Day Chart. The next target of this pattern is supposedly around $31k.
Bitcoin has never been around during a Secular Bear Market before. The last Secular Bear Market happened from 2007 -2009 in the Traditional Markets. If another Secular Bear Market occurs we could see a sub $10k Bitcoin or even lower, maybe around $4k.
This is an update of the Redistribution Fractal from 2018. Bitcoin could be going sideways for a bit before attempting to retest the 200 Simple Moving Average on the 1 Day Chart.
The price targets of these Bear Flags and Descending Channel has been met. From here we could potential see a relief rally.
Bitcoin may have a pump sometime early this week due to the CME Gap being higher than the current price. Also on the Weekly Chart BTC appears to want to retest $10.5k sometime later this year or next year.
Bitcoin appears to be retesting the bottom support level of the bear flag on the 1 HR chart and it appears to be ready to complete its move down for the Descending Channel on the 12 HR Chart. The supposed price target is $32.5k. Also on the 1 Week chart, Bitcoin appears to be forming a falling wedge. The lower price target for that is currently sitting around $22k.
Bitcoin appears to be ready to retest this Bearish Megaphone. The 6 HR 20 EMA is starting to look like strong resistance, plus the .382 retracement could be a major area of rejection. What are your thoughts? The ultimate target of this pattern is $30k which is a major psychological level for most traders and Microstrategy since I think now their average BTC...
Bitcoin appears to be forming a Head and Shoulders pattern on the 1 Week Chart. The price target of this pattern is around $20k.
Bitcoin appears to be forming a Bear Flag on the 1 HR Chart. The price target of this Bear Flag would be around $30k, which is also the bottom of this Trading Range.
From the previous Falling Wedges, we've always seen a fakeout dump before the whales pump it back up. Will that happen again this time?
Some notes of the 3 Day Chart. Again, it's important to look at longer term timeframes in order to see the big picture.
Bitcoin has been trading within this Descending Channel since March 28th. I added some comments to the chart that describes the price action. As a reminder, we should all be looking at longer timeframes, like the 4 HR Chart. We could've probably seen this dip coming if we did.
Bitcoin experienced a Massive Capitulation event. This invalidates the Falling Wedge I've been mentioning the past few days but this does add more proof that we could be in an even larger Falling Wedge. What are your thoughts?
Bitcoin and the S&P 500 are both currently in Falling Wedge patterns on the 4 HR Chart. This should be bullish for both.
Price could keep pumping from here because: 1. Price touched Daily TC 2. Price had two retests of the downward sloping resistance of the Falling Wedge 3. Spike in volume on the 2nd retest 4. Golden Cross of the 20 + 50 EMA 5. Price forming another Bull Flag
Here's a chart of the S&P 500 next to Bitcoin. Since Bitcoin is loosely tied to the S&P 500, it appears that both are going to dump at least one more time before potentially moving upwards.