BTC has seen a small bounce rallying with the S&P but this is to be expected. There still is major ground to be retaken and will need Market Conditions to remain favorable given inflation and monetary tightening fears.
BTC is showing a clear J pattern after a local break out which suggests a reversal pattern to lead to correction in this area. It is also retesting a broken key level that was lost which favors a bearish bias.
Alternate perspectives;
The potential for a correction to 38k before resuming back up is real. Markets are not likely to make entries easy for anybody.
A break above $45,000 with strong volume will invalidate this analysis.
Current Bias:
~Under 200MA
~Lost Key Support
~Future Market conditions very shakey- Extreme caution should be a priority
BTC is showing a clear J pattern after a local break out which suggests a reversal pattern to lead to correction in this area. It is also retesting a broken key level that was lost which favors a bearish bias.
Alternate perspectives;
The potential for a correction to 38k before resuming back up is real. Markets are not likely to make entries easy for anybody.
A break above $45,000 with strong volume will invalidate this analysis.
Current Bias:
~Under 200MA
~Lost Key Support
~Future Market conditions very shakey- Extreme caution should be a priority
Note
It is very interesting to see charts on Trading View flipping Bearish here a week after I posted this chart. When I initially posted this, 90% of all charts on TV were Bullish. If you haven't seen my newest post, I highly encourage you to read it and try to understand how the majority consensus can and will lose your capital. This market is going to punish the eager and inexperienced. This is the time in the market where all the money gained over the last 2 years is going to be lost right back. This is a zero-sum game. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.