Bitcoin is probably headed lower.

7 de mai. de 2022

Looking at Bitcoin on the daily chart, zoomed way out. I see a huge Bear flag pattern formation with a measured move putting us around 20k. We had a failed bounce within the channel last week ending on Friday. BTC has been mirroring SPY's big moves. There is a slight possibility we head back up into the channel temporarily to around 45k before another dump based on how the daily SPY momentum is looking. I think any bull rally will be short lived. I see the SPY also headed lower, possibly back to pre-covid highs which will drag bitcoin down with it.