The gap from late July 2021 has been filled today. This is a good indication that the Bitcoin price may reverse to the upside. A dead cat bounce is on the way before Bitcoin can complete this correction to the 29K region for a higher low on the weekly. In the coming weeks the bears will get rekt with a candle wick piercing 30K.
The USD has started its decent.
The dollar is forming its final leg of the head and shoulders pattern seen on the daily chart.
I say DXY = 90.62 by E.O.Y. Bitcoin 70K+ E.O.Y.
There is an inverse head and shoulder forming on the BTC/USD 15 min chart.
If it plays out the target at the upper channel will be $47.3K.
If BTC continues down $41K is strong support.
A hammer candlestick is forming on the Daily chart for Bitcoin. In roughly 8 hours the market will have it's first sign that a reversal to the upside is in play. And a huge bear trap was set.
The weekly BTC/USD chart is looking at continuation to the down side.
If there wasn't a bear trap set to liquidate leveraged shorts BTC/USD could see a retrace to the golden pocket.
Next support is at the 50EMA. Bitcoin has made a lot of fake-outs lately.
I'm bearish short term.. Bull medium/long term. I'm just gonna #HODL and DCA.
