Bitcoin looks setup to bounce in the not too distant future...

The macro backdrop feels terrible, the crypto specific narrative feels terrible, but the charts are indicating a bounce is on the way.

Price tends to go up when sellers run out of things to sell and the charts are indicating we are getting close to that point.

Check it out:

(source: https://twitter.com/thescalpingpro/status/1607695875673055234/photo/1)

The details change every cycle, but the patterns do not.

We are oversold, we have been dropping for more than a year, the price is flattening out, and we are now less than 16 months from the next halving.

Add all those things up and we are likely at or near a bottom right now.

The price will likely turn up before the macro environment changes.