In the short term, I am still seeing bearish signals in the charts. I could see a drop to $225 and if that breaks a revisit to $215.
1) Another potential H&S formation on the 4H.
2) We are coming up against a strong (down) trendline.
3) I also see a bearish Wolfe Wave formation, which could bring us down to target #2 of $215.
4) We are in a rising wedge, which has a good chance of breaking down.
5) BTC Swaps have dropped significantly (almost 10k BTC), while USD swaps have risen to over $26mm.
6) We have been hovering at the bottom of the rising wedge for some time now, and bulls have not shown tremendous buying power.
1) Another potential H&S formation on the 4H.
2) We are coming up against a strong (down) trendline.
3) I also see a bearish Wolfe Wave formation, which could bring us down to target #2 of $215.
4) We are in a rising wedge, which has a good chance of breaking down.
5) BTC Swaps have dropped significantly (almost 10k BTC), while USD swaps have risen to over $26mm.
6) We have been hovering at the bottom of the rising wedge for some time now, and bulls have not shown tremendous buying power.
