This is a pretty compelling bear case for Bitcoin right now. Macro head and shoulders on weekly chart. Price could retrace to bottom of the ascending channel . That will be a huge price test. If it fails, we could see a retracement back to the 200 VWAP which happens to coincide with/around the last cycle’s prior high. That would be a great are to accumulate more as the price of Bitcoin has historically rallied back quickly to the 200 VWAP . It would also make the chart look a bit more like previous cycles as well.

More importantly though is comparing it to the $DXY chart. This is super interesting as it coincides very well with the current $DXY value within its local symmetrical wedge . If the $DXY breaks out of that wedge , it will likely make a strong run to ~$108.

Not 100% convicted in this but it’s curious and is worth keeping an eye on over the next few weeks/months.