NeutronMan

NeutronMan

On the 1 Week Chart Bitcoin is seeing resistance at the 38.2% Retracement around 36k. If Bitcoin breaks 36k, then it could pump to the next level of major resistance around 42k. On the 4 Hour Chart, this Bump and Run Reversal Top is forming. We want to see more sell volume in order for this pattern to be valid.

NeutronMan

The price action of Bitcoin appears to be playing out a Wyckoff Distribution Schematic #1 pattern on the 4-hour chart. The Wyckoff Distribution pattern is a classic chart pattern that signifies a potential reversal in an uptrend. Over the past few weeks, Bitcoin has been exhibiting signs of distribution, characterized by several key features. Firstly, there has...

NeutronMan

I look at this chart once in a while to remind myself that a potential recession is still on the table.

NeutronMan

These are two bearish patterns for the immediate short term.

NeutronMan

This 2 week chart contains some of my thoughts on this Macro Ascending Channel.

NeutronMan

Bitcoin is currently trying to play out this Bull Flag on the 2 Hour Chart but we need to see more volume in order to increase the chances of this move playing out. On the 2 Day chart BTC is still struggling to get above the central trendline of this Ascending Channel.

NeutronMan

This Inverse Head and Shoulders could be playing out on the 3 Day Chart. If this does play out then the price target is somewhere around 40k.

NeutronMan

This Livermore Speculative pattern could be playing out on the 4 Hour Chart. So far we've seen the first 7 moves and supposedly the 8th move is a massive pump. If this pattern does play out then we could see the top be around 40k-40.3k.

NeutronMan

Bitcoin appears to be playing out this Parabolic Curve pattern on the 1 Hour Chart. Supposedly the next part of this pattern is another pump before a dump.

NeutronMan

Bitcoin played out this Rising Wedge on the 1 Hour Chart reaching its target around 29k. We'll need to see if it keeps pushing higher or if the momentum will stop / begin to drop.

NeutronMan

The DXY is retesting this critical trendline. If the retest is successful, then we could see BTC and the S&P500 drop.

NeutronMan

Bitcoin appears to be following this massive Bump and Run Reversal top from 2021. If this play out, then breaking the Green Upward Sloping Trendline could cause a fast drop to around 20.1k.

NeutronMan

In the bullish scenario, if BTC can remain above 25k and show a strong bounce, that will increase the chances of continuation to the upside.

NeutronMan

Bitcoin could not find support above the 50 EMA on the 2 week chart so it's dropping. The next major price confluence is around 19.6k which is the 2017 peak and the bottom of this massive Ascending Channel.

NeutronMan

This Bump and Run Reversal Top appears to be playing out on the 1 Day chart. Since there was almost no resistance when BTC pumped from 20k to 25k, I think there's going to be almost no support from 25k to 20k.

NeutronMan

I previously said 27k could be the top but now I'm thinking it could have been 26.4k. If this Bump and Run Reversal on the 2 Hour Chart doesn't play out then I believe 26.4k was the local top.

NeutronMan

In the short term I could see Bitcoin possibly pumping to around 27k. This is due to this Ascending Channel retest on the 2 Day chart and this Bump and Run Reversal Bottom on the 2 Hour Chart. Also there's the CPI report coming out soon so that could cause a lot of volatility.

NeutronMan

Bitcoin has been consolidation for the past few months forming this Triangle Top. We just saw a breakdown but seeing more volume would help confirm this breakdown.