Back on the 15th I published TA that indicated that the Bitcoin market was showing some signs of an impending price reversal - https://www.publish0x.com/jcrs-crypto-musings/bitcoin-price-action-a-pull-back-and-evidence-of-reversal-ta-xxwmvym

So let's see how that worked out. The pattern I picked up:

And now let's update that chart:

Suffice to say that the price reversal did not happen. Bitcoin continued to lose value through the weekend before finding a bottom just under $42k. Price has broken down well below the 200EMA and is trading just under the 50EMA on the 1H. 

But it's when we pull back to the 1D that we see the real story and the strongest evidence of an impending price reversal:

And there it is - BTC tested its 200 day EMA. It hasn't traded below it's 200 EMA since March 2000. 

Meanwhile, we have the whole Elon Musk "poop and scoop" going on where there is a whole bunch of FUD published and price drops incurring panic selling. 

We are going to keep watching this price action and see if Elon & company aren't buying up the dip and if price doesn't suddenly and magically reverse. Remember, buy into Fear, Uncertainty, and Doubt. 

I've never really said this out loud but it appears appropriate here - "For once in your life, be the pooper scooper."

Why let Elon have all the fun?

*I hope you've enjoyed this technical analysis of Bitcoin, which is not financial advice. Always DYOR. If you've enjoyed this content, please consider leaving a tip for the content creator.