Bitcoin appears to be forming a Bullish Bat pattern. The first target of this pattern would be the 38.2% retracement from point C to point D around 42.3k.
Bitcoin appears to be forming a potential Death Cross on the 1D chart. This is when the 20 EMA crosses below the 50 EMA.
Bitcoin has been trading within this Logarithmic Growth Curve since its inception in 2009. If there is a major correction this year, I believe Bitcoin will retest its 200 Week SMA, currently around $20k. Around $20k is also where Bitcoin's previous peak was in 2017.
Some notes of the Fibonacci Extension Levels with Bitcoin's price action.
Bitcoin appears to be in a Wyckoff Redistribution Phase. If the Price cannot get back above this trading range and hold it as support, then I can see more further downside price action.
Bitcoin appears to be forming a Bear Flag on the 4HR chart. The target of the Bear Flag is around 39k which is also the monthly S1 support line. Also, on the Weekly chart Bitcoin is forming an Evening Star Candlestick Pattern. Evening Stars are a bearish candlestick patterns, signaling we've already reached the top of this phase of the market cycle.
Bitcoin appears to be forming this Falling Wedge pattern on the 4HR chart. I labeled the potential price targets if this pattern plays out.
Bitcoin appears to be forming a Bearish Cypher Harmonic Pattern. The price target is also around the neckline of the previously mentioned Double Top.
Bitcoin appears to be ready to retest the neckline of this double top pattern. The whales may try to liquidate the shorts before they dump supply into the market to liquidate the longs.
Bitcoin is forming a pattern similar to July - August 2021. This could potentially be a fakeout or a continuation to the downside. When market sentiment is bearish / everybody panic sold, that's usually when the institutions / whales pump the market back up.
Bitcoin appears to be forming a 123 Reversal / Double Bottom on the Weekly chart. If these patterns do play out then the target could be around $50k.
Some notes on where BTC is relative to the 128 / 200 Daily SMA and 50 / 200 Weekly SMA.
Some additional notes of Bitcoin's price action from this past week.
Bitcoin has been trading in this Ascending Channel with decreasing volume. That is typically bearish. The opposite happened last May when Bitcoin was trading in a Descending Channel with decreasing volume. That's typically bullish.
Bitcoin appears to be forming this Right Angled Broadening Wedge pattern. The target of this pattern is around $50k.
Bitcoin appears to be forming a Bullish Megaphone pattern. If this is a Bullish Megaphone then next price target would be around $48.3k.
Bitcoin appears to be forming a Bear Flag on the 1HR chart. The target for this is around $44.6k
Bitcoin appears to be forming a Bump and Run Reversal Top. The price Target would be around $44.6k