Tony Montpeirous
FXStreet
Bitcoin price could go for a countertrend rally. The risky countertrend move could unfold impulsive as wave C of B.
Bitcoin price could continue to fake out traders as Smart Money has completed a successful liquidity hunt two Mondays in a row. The BTC price likely trapped traders looking to short the digital asset into $33,000. The BTC price could continue to rally higher in hopes of liquidating as many short traders as possible.
Bitcoin price trades at $40,166 after today's fakeout. If market conditions remain the same for the next few hours, the bulls will have established a bullish hammer candle which could spark a new uptrend rally for the Bitcoin price. The volume indicator profile looks poised for bullish price action after today's trading session. 
BTC/USDT 1-Day Chart
Analyzing the current downtrend scenario, the potential bull run into $44,000 would finish a very classical head and shoulders pattern. Traders should keep in mind the uptrend rally would be considered wave C of B within the pattern. Thus stronger drops could follow once the target is reached. Nonetheless, it is best to take this trade idea one step at a time.
Invalidation for the short-term bullish thesis is a breach below $36,400 which forecasts a 1-1 setup for traders aiming for the $44,000 target. If the bears manage to breach $36,400, the $33000 target would be the next bearish target resulting in up to a 17% drop from the current Bitcoin price.
BTC/USDT 4-Hour Chart
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Bitcoin price could go for a countertrend rally. The risky countertrend move could unfold impulsive as wave C of B. Bitcoin price could continue to fake out traders as Smart Money has completed a successful liquidity hunt two Mondays in a row.
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Bitcoin price reveals an opportunity to buy as it stoops to crucial support levels. This downswing looks to be a ploy from market makers to purge the sell-side liquidity before triggering an uptrend.
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