On the 2 Week Chart, Bitcoin is struggling to get above the 100 EMA. Also, since the volume is so low, I'm not sure how the bottom of this cycle could be in yet.
Bitcoin needs to close the weekly candle a little bit higher if it wants to Invalidate this Bear Flag on the 1 Week chart. On the 2 Hour Chart the price lost support from this upward sloping trendline.
These are two short term bearish patterns I'm watching. I think this could be a Diamond Top on the 1 HR Chart and this does look like a Rising Wedge on the 6 HR Chart.
This Wyckoff Distribution Schematic hasn't been invalidated so that's why I'm skeptical of this pump. It feels like right now everybody is extremely bullish but I don't think there's enough evidence of a market reversal to the upside. I want to see a weekly Candle close above the previous high around 25.1k for more Bullish Confirmation.
Bitcoin had a pump to retest the 50 + 200 Week SMA around 25k. If Bitcoin flips 25k into support, then I'll start making more Bullish posts, but until then I'm remaining Bearish.
The DXY appears to be bullish while the S&P500 seems to be going sideways.
Bitcoin is currently below this (White) Trendline that started forming on November 22nd. I have a feeling that a retest of the trendline is possible. My thinking would be that whales could pump the price to liquidate the leveraged shorts before potentially dumping the price.
This is a Bear Flag that I'm watching closely on the 4 Day Chart. If this does play out I feel like it'll take at least a few weeks.
Bitcoin retested this Rising Wedge on the 6 HR Chart and now it appears that the momentum is falling. If the RSI breaks below the 50 level then I think we could see a drop. I don't think Bitcoin will hit 25k but that's one scenario I'm hearing others say. Just wanted to mention that.
I'll be bullish if BTC can invalidate this Bear Flag on the 1 Week Chart. The DXY is retesting this Falling Wedge on the 1 Day Chart and the S&P500 needs to confirm this breakout of the macro Downward Trendline.
On the 4 Day Chart, Bitcoin appears to have retested this potential Bear Flag. If this Bear Flag plays out then that means this is the top. I heard some people say Bitcoin is heading to 25 or 30k and that sounds too good to be true. But that would depend on which was the traditional markets go. If we see a pump in stocks then I'll be more bullish on BTC.
Bitcoin had a bounce from the bottom of this Macro Ascending Channel but since the volume is so low, that makes me believe that the bottom isn't in yet.
These are two significant patterns I'm watching now. I have a feeling that the Bearish Scenario could be invalidated if Bitcoin can close the weekly candle above ~23.4k. Overall I'm still bearish. I'll flip bullish if Bitcoin can close a Weekly Candle above the macro trendline tomorrow.
I redrew the purple Bear Flag because of the massive pump. I'm not sure if it's even considered a Bear Flag because 90% of the pattern was just retest. Anyways I'm still overall Bearish.
Even if BTC pumps to around 23.3k, that would still follow this SOW in Phase D since it would be a lower high. Unless if BTC can break above the Macro Trendline (Yellow Line) I'll remain Bearish.
Bitcoin looks like it could have more upside to retest this macro trendline on the 4 Day Chart which would also retest this potential Bear Flag. The DXY is still retesting this massive Falling Wedge and the S&P500 is currently at Macro Resistance.
Bitcoin spent about two months hugging this macro trendline (Green). Over the past few days we saw a massive pump that was most likely a short squeeze. The next major level of resistance is around 23k because of this descending trendline (Red). I've shared this trendline (green) many times but I kept drawing the price underneath it, when it should have been above...
I'm using the Inverted Scale to get a different perspective of the price. Currently Bitcoin appears to be retesting the orange area again as support before moving up. The orange area has been acting as resistance until recently.