Bitcoin had a massive pump into the 8 Hour 200 EMA. During the last local peak, Bitcoin failed to close a Candle above the 8 HR 200 EMA.
Bitcoin is currently retesting this Trendline in the RSI on the 1 Day Chart. The previous times we've seen this we saw a drop shortly after.
Some notes on Bitcoin's Current Trading Range. We just saw a Cup and Handle Play out which was the recent pump.
I readjusted the S&P500 Bear Flag and the DXY Falling Wedge but BTC is the same.
Bitcoin appears to be following the Wyckoff Redistribution Schematic #0. The next step is supposedly a drop.
This potential Inverse Cup and Handle on the 2 Week Chart has a target around 5.7k. The price is still trading below this macro trendline from late 2018.
Bitcoin is still following this Bear Flag pattern on the 2 Day Chart. The Pump we recently saw could have been the retest of the Bear Flag.
Bitcoin appears to be within this Livermore Speculative Chart pattern on the 4 HR Chart. This was a bullish pattern I've been watching for at least the past few days but I didn't think it would happen so I didn't make a post about it.
Bitcoin's RSI on the 1 Week Chart is currently making contact with this Macro Downsloping Trendline. If we see a rejection, that'll probably trigger the next drop.
This is the first chart I review each day since I believe it's the most important macro chart to be watching. I believe BTC is at the end of Phase D and it's about to Free Fall / Enter Phase E of Wyckoff Distribution. In Phase E I believe BTC will have a fast drop to around 10.4k, have a sharp rebound to maybe 12-13k then chop around for a few months until...
The US December Jobs report was bullish which caused a rally. The S&P500 had a massive rally but it wasn't able to invalidate this Bear Flag formation. I believe the DXY is still chopping around / trying to form a strong foundation around 104 before making a move up.
The 50+200 Weekly EMA Death Cross should occur when the next Weekly Candle opens. Also this Bear Flag on the 3 Day Chart is probably the pattern that'll bring BTC to around 12.4k.
The S&P500 is touching the bottom trendline of this Bear Flag. I feel like it's going to fall through soon. That'll probably bring down BTC.
The DXY has been pumping the past few days and the S&P500 / BTC has been going sideways. If the DXY keeps pushing higher, I think the S&P500 could drop which will cause BTC to drop with it.
12.4k has acted as resistance in 2019 and 2020. It could be the next major price target. Also this Bear Flag on the 1 Day chart has a price target of 12.4k.
Bitcoin appears to have retested this Bear Flag on the 8 Hour Chart and it reached the price target of this Diamond Bottom on the 2 HR Chart.
I forgot about this potential Bear Flag on the 8 Hour Chart and it could be valid. If so then that means the local top is in. Also this Inverse Head and Shoulders on the 2 HR Chart just reached its target.
I reverted the DXY Falling Wedge Chart since it started pumping right after my post yesterday. It looks like the DXY is forming a Double Bottom and the S&P500 had a quick pump to retest the 20 EMA on the 1 Day Chart. Overall I'm still not bullish on BTC even though we could see more upside in the short term.