stanosky

Bitcoin seems to be forming a bearish megaphone pattern. As you can see on the chart, the last fifth leg (E) is just being formed. If the price breaks through the lower edge then we are in for further significant price declines. This is not financial advice.

The chart of bitcoin has drawn a bullish pattern on the hourly chart. Potentially, this is a great buying opportunity. However, I would be very cautious with this, as a diamond formation is clearly visible on the higher timeframes, which usually indicates a trend reversal. In addition, the RSI on many timeframes indicates bearish divergence (and especially the hidden ones).This is not financial advice.Bearish divergences4h chart: 1h chart: 15m chart:Pattern invalidated. It appears to have been a bull trap.

Currently, bitcoin is recovering from the current declines. I think this will take place in one of three ways:1. the price will hit the blue neckline of the head and shoulders formation and then buckle back down.2. the price will break through the blue line and test the lower edge of the diamond by bouncing down from it.3 Price will break through the lower edge of the diamond and bounce off the red 3-month resistance line (formed by the previous ATH).4. the price will hit the upper edge of the diamond and bounce down from it.There is another ‘bonus’ option - maybe I'm wrong and the bulls are just gathering strength for a big rally for a new ATH but I'd put that rather between fairy tales.This is not financial advice.It appears that the first scenario is in play:It appears that scenarios one and two have been invalidated. Scenarios three and four remain in play.

You can't see it at first glance but bitcoin's chart has drawn a head and shoulders pattern. The right shoulder is quite small hence not very visible. The pattern itself indicates its target at around $47,600.This is not investment advice.

There comes a time in a bear's life that he has to leave the forest and get on a rocket to the moon.... And now for the serious, bitcoin seems to be forming a bullish megaphone formation on the monthly chart. It's huge! If I'm right, somewhere from the second half of 2024 we're in for a crazy rally to the $200,000 area. Of course, don't get euphoric. I personally take it more with a pinch of salt, but who knows, maybe this time I got on the right rocket? Is it true Mr. Musk, right? This is not financial advice.

As you can see in the chart, the price of bitcoin probably wants to form a bullish megaphone formation. This looks like a very likely scenario, however, looking at the RSI indicator, it no longer looks so optimistic, hence I think the price may bounce off the upper edge of the megaphone or the channel I also drew. This is not financial advice.

Bitcoin is sinking Like a damaged ship, it floats with the remnants of its strength. There is nothing to pour out the water with a bucket, a powerful pump is needed here! Save yourself who can ... There is still a long way to the bottom. This is not financial advice.

This setup looks like a short Bitcoin has formed a symmetrical triangle. Perhaps it is even a bearish pennant looking at the bar. In addition, triangles usually indicate a continuation of the trend and the diamond pattern under the lower edge also suggests this. This is not financial advice.

Inverted cup and handle It appears that bitcoin has formed an inverted cup and handle pattern. If I am correct we should see a downward movement as shown in the chart. This is not financial advice.

Diamond formation on the four-hour chart Overall, I am bearish on bitcoin in the long term, but I think we will soon see a quick upward bounce. The diamond formation in the four-hour time frame seems to confirm my position. Moreover, the rebound will most likely be a natural re-test of the lower edge of the weekly upward wedge (you can see it on my previous analyses). I believe we will see a real crash immediately after that. This is not financial advice.