Bitcoin is probably headed lower.
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
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.
