The Bullishness of the DXY in recent days is probably why Bitcoin hasn't been performing that well. The DXY looks like it has a lot more room to the upside so I'm expecting BTC to drop at some point this week or next week.
I updated some of the notes on this chart and I also defined where I think the next zones of support / accumulation will be.
Bitcoin is still at the top of this Descending Channel on the 12 Hour Chart. I also believe that Bitcoin is retesting this Bear Pennant, which has a price target around 10.4k. If this pattern plays out then I think it could reach the price target sometime early next month.
These are a few patterns that I'm currently watching. I'm still overall Bearish, as you all know by now.
Bitcoin is struggling to close a candle above the 20 EMA on the 12 Hour Chart. If Bitcoin can't close a 12 Hour candle above it then that increases the chances of a drop. Also on the 2 Hour Chart I'm seeing this Diamond Pattern. I think it has a higher chance to break to the downside than the upside.
I'm still overall Bearish but if this Bullish Descending Broadening Wedge scenario plays out, then we could see BTC approaching 18.5k.
Bitcoin appears to be retesting this potential Bear Flag on the 4 HR Chart. If this pattern plays out then the target is around 12k.
There's only one more month in 2022 and it looks like Bitcoin is going close this year off with a Bearish Engulfing Candle. This is a sign of a trend reversal so I believe it'll take years for Bitcoin to recover.
Bitcoin is currently at the Top of this Descending Channel on the 1 Day Chart. I feel like we could see a pump but I'm still overall bearish.
If this a Bear Pennant Pattern, then Bitcoin just had a retest of it. Bitcoin would have to invalidate this Bear Pennant to prevent the bearish scenario from happening.
According to the RSI Breakdowns on the 3 Day Chart, it takes around ~72 days from the time the RSI breaks down to the next bottom. So according to this pattern the next bottom should be reach around Jan 23rd 2023.
According to this Descending Channel, using Regular Scale, we should find the next level of support around 13.6k. According to this Descending Channel, using Logarithmic Scale, Bitcoin is holding onto the Bottom of the Channel as support.
According to this Fibonacci Extension, Bitcoin lost support of the 61.8% Extension (16k) so now the next target is the 78.6% Extension (around 13.6k).
A few hours ago Bitcoin formed a slightly lower.. This is a sign a weakness and another reason for me to believe we won't see a retest of 18.5k.
According to this Descending Triangle Pattern on the 1 Week Chart, the next target should be around 10.6k. Similar to 2018, we're probably not going to see a straight drop down to 10.6k but we'll probably see a bounce around 13.6k before continuing the downtrend.
According to this Psychology of Market Cycle Pattern on the 1 Month Chart, Bitcoin is probably heading to10.8k sooner rather than later. I think 10.8k is going to be the next local bottom, from there we'll probably see a pump to perhaps 13.6k before a capitulation to around 6k. Please keep in mind that this will will probably take months to play out.
On the 1 Day Chart, Bitcoin is breaking down from this Descending Channel. If this plays out then the target is around 10.8k. There's also a Symmetrical Triangle that's also pointing towards 10.8k.
I'm so tired of reading FTX / Bahama Government news that I'm just going to say that the bottom is somewhere below the current price. Is anyone else on this Roller Coaster ride of SBF / FTX news?