BITCOIN The Megaphone bottoms lower, unless this breaks first.

Bitcoin (BTCUSD) made a new Lower Low since the short-term Channel Down started on April 14 and is rebounding in the past five hours. The long-term pattern remains a Bullish Megaphone and this Channel Down is the corrective wave towards the Higher Lows trend-line. For as long as it holds, it is likely to see it bottom on the 1D MA200 (orange trend-line) just like it happened on the March 10 Higher Low.

Be prepared though to buy earlier if the price closes a 1D candle above the 1D MA50 (blue trend-line), which hasn't happened since May 06 (exactly 1 month ago). In either case, our target is the next Resistance at 32400 (May 31 2022 High), which is where the 1W MA100 (red trend-line) is headed to, the last remaining MA Resistance.

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