Bitcoin appears to be forming a Bearish Three Drives pattern. I used this video for reference to determine the fib levels for this Bearish Three Drives pattern: www.youtube.com
Some notes on Bitcoin's recent pump on the 1HR, 1D, and 4HR charts.
Bitcoin appears to be forming a Wyckoff Accumulation pattern on the 1HR chart. Also this Inverse Head and Shoulders pattern caused the recent pump.
This is the first time I've seen a potential Bullish Bat pattern. I labeled the supposed price targets of this pattern.
Bitcoin's recent Dump was caused by this Head and Shoulders pattern that formed from April 11 - 17. Also what triggered the recent dumps were rejections from the 20EMA on the 6H chart.
Bitcoin appears to be confirming this potential Symmetrical Triangle. The price target of this symmetrical Triangle could push Bitcoin back to the top of this Trading Range around $44.2k
On the 2 Week chart, Bitcoin is in an Ascending Channel but the volume has been decreasing steadily since January 2021. This is typically a Bearish Market Structure. Also the RSI appears to be forming a Bearish Descending Triangle.
When Institutions want to buy: Institutions temporarily push the price outside of the Trading Range. This is done so 1. They can buy at a cheaper price and 2. this creates Volatility / Liquidity in the market. During a Stop Loss Hunt, Institutions will place a large market sell order to break through the Buy Wall and to stop out the Retail Traders who went...
There's a Hidden Bullish Divergence on the 1D chart. The Price formed a Higher Low while the MACD + RSI Indicators formed a Lower Low.
The pattern I shared yesterday was more of a Bearish Gartley, not a Bearish Bat. Here are some notes of this potential Bearish Gartley on the 1HR chart.
Bitcoin appears to be forming a Bearish Bat pattern on the 2HR chart. The reasons why the price target could be around $42.6k: 1. Target of this Bearish Bat 2. Bottom Monthly Central CPR Line retest 3. 0.382 Retracement of this downtrend 4. This is around where the 1D 20 and 50 EMA is
In the Bullish Scenario, Bitcoin appears to be retesting the neckline of this Complex Inverse Head-And-Shoulders. If this pattern plays out, then the price target is around $52.7k.
This chart shows Bitcoin's Weekly RSI Cycle. Bitcoin's Tops usually happen around the 90 level on the RSI and the bottoms usually happens around the 30-35 level.
Whenever the DXY is around the 103 level, that usually signals the Bitcoin Bull Run.
On the 1 Week chart, Bitcoin appears to have successfully retested the neckline of this potential Head and Shoulders pattern that stretches back to July 2021. That target of this Head and Shoulders is approximately $28.5k.
On the 1 Day chart, it appears that the 100 and 600 SMA are on a path to cross. When this has happened in the past, bearish price action followed.
Bitcoin appears to be forming a 2018 Fractal on the 1 Day chart. What are your thoughts?
Bitcoin is getting close to having a Bearish Weekly MACD cross. This could signal more room to the downside.