TradingCheww

BTCUSD W PATTERN POTENTIAL BREAKOUT AGAIN!! WE LONG OR SHORT?!

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After out last prediction we did manage to reach a high of around the $60k level of the previous high on March 20th. Struggling to break our long term trendline that can be seen in our previous ideas, and unfortunately falling short of our price target. With seeing around a 5% retracement back to the level of around $57k where there is huge support. today we have created a new W pattern, commonly a bullish biased pattern, which was filling the gap on the CME chart, knowing used by the institution's purchasing Bitcoin . These pull backs within the bull market tend to be a reversion to the mean where there is need of liquidity. We are now at the neck line of the W pattern looking to hold the level of around $58,850, if so we have a potential long position for the breakout of the previous high, with a target price of one that has come up a few times! $61000!! This would be us taking the high/neckline of the W pattern to the low.

Are you still Long or do you think we are coming back down to the $57k level or even further?


Let me know your thoughts in the comments!

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Appreciate this analysis
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