Some notes of a potential Wyckoff Accumulation on the 1HR Chart
Some notes of the current BTC price action. A Falling Wedge pattern had formed and it appears BTC is almost ready to test the trendline. RSI has formed an ascending broadening Wedge which is typically a bearish pattern.
Just pointing out some Rounded Tops and Rounded Bottom patterns that has been forming in Bitcoin's Price action over the past few days. Not too many people on YouTube point out these patterns so I just wanted to share this with all of you.
Some notes of the recent Bitcoin price action. Bitcoin is currently trading within this symmetrical triangle. Decreasing volatility / price compression means a big move is about to happen by / around the climax of the symmetrical triangle. Note: The Yellow Pattern is a Bump and Run Reversal Top
Throughout Bitcoin's History, whenever the price fails to find support above the 50W SMA, the price gets gravitated towards the 200W SMA which is currently lying around $21,000.
Below are my notes of what I think Bitcoin could do this month.
Bitcoin is currently trading within this Bump and Run Reversal Top pattern. The first price target is around 36.3k which is also the Monthly S1 Target.
It's hard to tell which phase of the Wyckoff Cycle Bitcoin is currently in, but if Bitcoin is currently in Re-distribution, then there could be a fakeout above the trading range (around $48k) before the next leg down.
Bitcoin could be forming a Bearish Gartley pattern on the 1 Day Chart. Point D would be at $48k which would also line up perfectly with the Monthly R1 line. Since the Gartley contains an AB=CD pattern, it should reach the target around 3/11/22.
Bitcoin is currently running into resistance at the .618 and at the 20 EMA on the 1 Week chart. The Stochastic RSI is also finding resistance at the 50 level.
I noticed that BTC is forming a bearish butterfly pattern. The target of this pattern is supposedly the 1.68 of CD which is around 32.3k.
Bitcoin retested the support of this descending channel and it could be on it's way to approach the price target around $41,500. The price target lines up with the .618 retracement as well as the 50 EMA on the 1D chart. The VPVR is showing strong support at the current price. There's not much trading volume resistance from here until 41.5k.
Bitcoin appears to be in this Ascending Triangle pattern. Right now the price is going sideways and the RSI is increasing.
Bitcoin is finding support on this lower trend line on the one day chart. Usually there's a retest of the .5 fib level ($51,500) after a crash. From there we'll see which way BTC goes but I believe it's going back down to $30,000 since that's strong support.
This is my annotation of today's Bitcoin Price Action.
There are a lot of significant price targets around (44000) that BTC should retest before potentially pumping higher. From a macro perspective: 1. BTC still needs to retest the neckline of the cup and handle pattern around (44000) 2. The Golden Pocket .618 fib retracement is (44168) 3. The monthly S2 Line is around (43800) which is significant support
This is my short-term price prediction for Bitcoin's price. Currently, BTC is finding resistance at the top of the Descending Parallel Channel. If BTC cannot break the resistance then I believe it will retrace to the .382 Fib level (43,789) which is also the monthly S1 line. From there it could pump to the .786 Fib level (47096). If BTC can't hold the .786 Fib...
This is my annotation of today's Bitcoin price. If there's a confirmation of the Cup and Handle pattern then the price target should be $50,184. I believe BTC is currently in a Wyckoff Re-accumulation phase and we're near the top of the price range so I believe BTC will dump after reaching the price target.