BTC Trend Unchanged: Head & Shoulders Pattern Emerging!
There is no denying that for the past many weeks, price manipulation has led people to believe in new rallies, while these moves have only resulted in lower highs. Currently, the same is happening with the pump in price, which is related to fake news about BlackRock's Spot Bitcoin ETF being approved. It should be noted that $65 million worth of BTC was liquidated within minutes following the fake reports. This pump has made the price appear to be forming a head and shoulder pattern. If this pattern becomes more apparent, the price will likely face significant downside.
I still remain extremely bearish as a lot of indicators and global economic metrics are pointing towards a bigger recession (or even depression). To all those who are bullish, I would like to ask them to show me some global economic metrics that promote their short-term bullish ideas. It seems insane at this point to see some traders calling for 39k or even higher. The same could be said for me calling for 12k BTC, but I can assure you that the global economy is not healthy enough to start a new bull run.
For example, median home prices are contracting sharply, reaching levels last seen in 1970 and 2008, both years which experienced severe economic downturns.
And there is a serious warning that the likelihood of a recession happening in 2024 has now exceeded 60%. This level of risk has only been observed twice since 1960, and on both occasions, it led to severe economic downturns. Despite the Federal Reserve's belief in a "Soft Landing," leading economic indicators are strongly pointing towards a recession.
Additionally, it's prudent to watch the Dollar Index (DXY), given the historical tendency for the BTC to exhibit inverse movements relative to the DXY.
I still remain extremely bearish as a lot of indicators and global economic metrics are pointing towards a bigger recession (or even depression). To all those who are bullish, I would like to ask them to show me some global economic metrics that promote their short-term bullish ideas. It seems insane at this point to see some traders calling for 39k or even higher. The same could be said for me calling for 12k BTC, but I can assure you that the global economy is not healthy enough to start a new bull run.
For example, median home prices are contracting sharply, reaching levels last seen in 1970 and 2008, both years which experienced severe economic downturns.
And there is a serious warning that the likelihood of a recession happening in 2024 has now exceeded 60%. This level of risk has only been observed twice since 1960, and on both occasions, it led to severe economic downturns. Despite the Federal Reserve's belief in a "Soft Landing," leading economic indicators are strongly pointing towards a recession.
Additionally, it's prudent to watch the Dollar Index (DXY), given the historical tendency for the BTC to exhibit inverse movements relative to the DXY.
Comment:
Bitcoin dominance is looking strong!
Comment:
28.5k is a critical level. The price will face a lot of resistance at this level.
Comment:
The news-based pumps have historically caused prices to return to their previous levels. It's only a matter of time before the Head & Shoulder pattern becomes more evident.
Comment:
This idea is no longer valid. The price could pump to 37k and even 39k before seeing some retracement. The bearish scenarios can only be discussed once the price breaks below 30k.
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