Not financial advice
Simple but efficient analysis. These are the supports and entries I'm waiting on. The weekly candle is likely going to confirm in a pretty bearish situation, but I think the lowest support line will be our savior. These supports combined with a inverse h&S make for a pretty bullish outlook. I think some people turning bearish are getting ahead of themselves. If BTC goes below $7k maybe. But until then we are well within a reasonable zone. I'll be waiting on $7,700-$7,800 early this next week unless we start changing bigger trends. 4hr+. It could be a good idea to have a stop set under those lines. Stay safe!
Simple but efficient analysis. These are the supports and entries I'm waiting on. The weekly candle is likely going to confirm in a pretty bearish situation, but I think the lowest support line will be our savior. These supports combined with a inverse h&S make for a pretty bullish outlook. I think some people turning bearish are getting ahead of themselves. If BTC goes below $7k maybe. But until then we are well within a reasonable zone. I'll be waiting on $7,700-$7,800 early this next week unless we start changing bigger trends. 4hr+. It could be a good idea to have a stop set under those lines. Stay safe!
Comment:
I should've added there is pretty major support all the way down to $7,300. In-case both of the upward moving trend lines break there is the low of the left shoulder and a downward sloped trend-line that intersect to create more support at that level. That could be a good level to have a stop.
Comment:
The dump continued rather quickly. A good reminder at how volatile BTC can be in both directions. The chart I linked is something I'm watching for. BTC forms inverse H&S very often as the bottom signal. This could happen slower than the bars show but its just meant as a rough guide.
Comment:
Possible short term IH&S going to be the left shoulder of our larger pattern. Looking for the top around $8300-8400.