BTC: 9.7K Target Guaranteed? EWs, CME Gap, & More Fundamentals!

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Technicals & Fundamentals:

1. The US Dollar might be rallying as suggested by our previous theory, and we are seeing the bounce as we speak. Please take a look at our US Dollar vs. Bitcoin Analysis and how they correlate:

2. We are seeing a full blown Head and Shoulders (Hns) pattern being played out, with the immediate neckline being broken. The neckline was a crucial safety net for the bulls; however, this was not supported by the bulls.

3. We are seeing one of the weakest rallies in terms of general public interest for the Google Trend keyword, "Bitcoin". We are NOWHERE CLOSE to the interest levels we have seen back in 2018. This can indicate that we may be set up for a bulltrap in the short term.

Targets:

a. $10,500 (Conservative Target)
b. $9,700 (CME Target)
c. $7,400 (Aggressive Target)

What We Believe:

We do not like to be bias here at X Force; however, we are still rather bullish on the longer outlook just based on the technicals, IF the suggested CME Gap does get filled and bounce. Otherwise, a bearish break below the red line would probably mean that we won't be seeing any rallies until early next year, strengthening the lengthening market cycle theory.

Trade Safe.

X Force.