BTC BEAR MARKET

BTC havingstarted a bull run from $13,000 from 2019, after breaking the resistance at that zone, have never really turned that zone to support.

Bitcoi made a move from $13,000 to a high of $60,000 with ASCENDING VOLUME that supported the movement, BTC retraced and made a higher high to $65,000 with a DECLINING VOLUME before retracement which is currently playing out.
In traditional technical Analysis, the first two CRITERIA gives us a clue of HEAD and shoulders pattern which is a BULLISH REVERSAL PATTERN, currently BTC is at the neckline and bouncing to a region of around $60,0000 to form a RIGHT SHOULDER for BTC; but this will be DETERMINED by the VOLUME AS WE HEAD BACK TO THAT ZONE OF $60,000.

The potential target for this POTNTIAL PATTERN ALIGNS WITH THE $13,000 RESISTANCE BROKEN IN 2019 BEFORE THE BULL RUN TO $65,000.

In Addition to this, the DOLLAR INDEX (DXY), which goes in opposite direction to BITCOIN RECENTLY, HAS HAD A BEARISH RSI FROM 2015 at 88% and has been declining till a breakout in JULY 2021 this is BEARISH REVERAL FOR DXY.

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PEACE PETER ONORIODE