While a lot of people are thinking that the bottom is in for BTC, I have a different opinion as I believe that BTC still has some lower levels it needs to get to before bottoming out.
At this point, many people are contemplating wether the bottom is in. My answer to this is that the bottom is not in and BTC still looks bearish.
From what the chart is saying, there's still a possibility of going well below the current 19k support, provided the monthly candles closes well below the 17k zone as identified on the chart.
The Goblin town is where...
DXY has been shown to have an inverse co-relationhsip with BTC. Normally, the chart formed as shown is a bear pennant and by extension, it is supposed to drop down lower.
But I don't think it will happen cos first, we've seen a move to the upside which has invalidated the chart pattern.
That thin broken yellow line as shown by the yellow arrow is a good resistance...
Although there has been high positive sentiment about Bitcoin all along, I highly think that it is ready for a cool off. We've seen some crazy moves starting from the tail end of 2020 until now.
I see us dropping back to 43k region and if that doesn't hold, we could go lower, after which the push upwards will continue.
