NeutronMan

NeutronMan

There are two things worth mentioning on the 2 Week Chart: 1. BTC appears to have lost the critical 50 EMA 2. The next major level of support is the bottom of the Ascending Channel / the 2017 Peak around 19.6k.

NeutronMan

So far it looks like this Double Top could be playing out on the 2 week chart. The next major level of support is around the 19.7k - 20k area due to that being the last major area of support and also this multi-year orange trendline.

NeutronMan

Bitcoin may be forming this massive Bump and Run Reversal Top on the 1 Day Chart. The price target of this potential move is around 19.5k. It could take 1-2 weeks until we see the potential breakdown. Until then the price could continue moving sideways.

NeutronMan

Bitcoin could be forming this similar Bump and Run Reversal Top pattern from 2021. According to this fractal, the price could get back above the trendline then fall back below it.

NeutronMan

Bitcoin played out this Bear Flag on the 3 Hour Chart. The price found rejection around the Monthly TC, then it found support at the Monthly S1.

NeutronMan

Bitcoin is currently attempting to retest this potential massive Inverse Head and Shoulders on the 1 Week Chart. Also the price is retesting the 30 EMA.

NeutronMan

Bitcoin broke down from this massive Ascending Channel on the 2 Day Chart. It it possible that the price could pump to retest the channel. We're currently not seeing a spike in volume so I don't believe this downward move / change in direction is confirmed yet.

NeutronMan

Currently the S&P500 is facing previous resistance from August 2022 and Bitcoin appears to be showing some bearish candlesticks. If the S&P500 can't break past this previous resistance then I think we could see downside.

NeutronMan

Both the Bullish and Bearish scenarios seem valid but only one will play out.

NeutronMan

Bitcoin, again, touched the bottom of this Ascending Channel on the 2 Day Chart.

NeutronMan

If Bitcoin continues going sideways for another month then we could see something like this play out.

NeutronMan

Bitcoin just retested the upper channel of this macro Descending Channel around 28.5k.

NeutronMan

If the price continues going past 27.3k then I think the next major level of resistance could be around 28.5k. That would be the retest of this important green trendline.

NeutronMan

This is a correction of yesterday's chart. I redrew some lines and I think the local top could be a little higher. Yesterday I say 27k but I think it could be as high as 27.3k or 27.5k.

NeutronMan

In this scenario, Bitcoin could pump to around 27k then drop.

NeutronMan

The S&P500 looks like it's following this Bearish pattern from 2008. If it is indeed following a similar pattern, then that could mean Bitcoin is near its local top.

NeutronMan

Bitcoin just touched the bottom of this Ascending Channel on the 2 Day Chart. We could see a pump or if the price breaks down from the channel then it'll probably drop.

NeutronMan

These are two patterns I'm watching that could bring Bitcoin to around 28.8k.