Key Similarities:
- Head and Shoulders Breakdowns
- Re-test of H&S Neckline (previous support turned resistance)
- Hard Drop when neckline was broken
Currently:
- Currently BTC finds itself in the re-test of the neckline phase, which can be
seen as also forming a rising wedge of sorts.
Not predicting what's going to happen, just sharing one of my observations and ideas with you all to start some friendly convo and idea sharing going. My bias is bearish, and I have been short since $46.9k
If you appreciate this post, please like/follow/comment to let me know. If you are interested in learning more about my community, please feel free to shoot me a message after you have followed our tradingview channel. Until then, trade safely... Cheers!
- Head and Shoulders Breakdowns
- Re-test of H&S Neckline (previous support turned resistance)
- Hard Drop when neckline was broken
Currently:
- Currently BTC finds itself in the re-test of the neckline phase, which can be
seen as also forming a rising wedge of sorts.
Not predicting what's going to happen, just sharing one of my observations and ideas with you all to start some friendly convo and idea sharing going. My bias is bearish, and I have been short since $46.9k
If you appreciate this post, please like/follow/comment to let me know. If you are interested in learning more about my community, please feel free to shoot me a message after you have followed our tradingview channel. Until then, trade safely... Cheers!
1. BTC fails re-test of 30k zone (previous MACRO support now resistance), and starts heading to 30k.
2. BTC reclaims 30k as support, and bounces around 30-40k for the next couple months.
Personally, my BIAS leans towards the former. In the scenario in which BTC fails to reclaim support, I find it likely that it makes its way to 20k, and then bounces between 20-30k for months, beginning its long consolidation phase again.
Like I said, I don't know what will play out but one thing I do know is that I won't be forcing ANYTHING, and will continue to be zoomed out in my analysis. If you appreciate my take on the market, please shoot me a follow and give me a like to let me know. Also comment any questions/thoughts/objections you may have! Cheers my friends