On the 4 HR Chart it appears that the DXY is having a Bearish Cross of the 20 + 50 EMA and it's breaking down from this Ascending Channeling. When the DXY drops, that's usually when BTC pumps. Bitcoin could drop with the DXY or pump against it. Right now it's hard to say which direction BTC is going but if this Symmetrical Triangle breaks to the upside then the...
Usually whenever the DXY Pumps, Bitcoin Dumps. The DXY is currently retesting this important line of support. If it can find support above this line and pump then I could see Bitcoin having another Capitulation to around $20k.
Bitcoin has an inverse relationship with the DXY. The DXY looks like it could potentially pump because of this Inverse Head and Shoulders pattern. BTC also appears to be forming a Symmetrical Triangle which is typically a continuation pattern.
Bitcoin looks like it's ready for a deeper May Drop, based off it's previous performance in May. I'm not sure how true this adage is but if BTC does drop more then I'll make another Sell In May and Go Away post next May.
The retest of the Inverse Head and Shoulders came down much lower than most of us expected. $30k seemed liked a reasonable level to retest but it came all the way down to $29,250 and fast, causing a lot of retail traders to get stopped out of their longs and it triggered their shorts. That's what I believe the institutional traders were trying to do. Trying to go...
Bitcoin is forming a potential Rising Wedge and Bear Flag on the 4HR and 6HR Charts. The price targets from these pattern are $26,500 and $20,000. Ascending Channel + Decreasing Volume = Usually Bearish.
Whenever the 20 EMA crosses below the 50 EMA, that usually causes a 40-50% drop. And when the 20 EMA crosses above the 50 EMA, that causes a 40-50% pump. We are currently in a slow drop where we could be ultimately heading towards $21k. But that does not mean we can't see some Bear Market rallies before then.
Bitcoin failed to stay above support on the Falling Wedge pattern on the 2 Day Chart and it appears to have already started dropping in this Head and Shoulders pattern. According to Market Symmetry, it could potentially retest it's 2020 low of $3,800 around Late November.