We could be forming a Head and Shoulders Pattern in this 4 hours chart, but there is still to form almost the full right Shoulder to complete so this is not 100% sure yet, only a possibility, $31,500 could be the target if we finally form this and break it down, but watch for fake outs please, to many out there.
We are following an ascending channel inside a Rising Wedge, We are finding a strong resistance right now, I believe we could hit the top of this channel this week at around $38 k and drop again after, the 7 weekly EMA will be a strong resistance to pass, believe it or not that line had been acting as a strong support week after week almost in all bull market and...
Whatever it may look, we could be forming a Diamond Bottom that could break to the upside at the end of the summer and lead us to change the trend and start a new supper cycle, this is only a possible scenario from many out there.
Are we going to hit again the blue line? We had previously hit that one 3 times and if we break this small pennant down we could have another hit, also the dotted line pass for the same point, we could break the pennant up too but chances are smaller.
We have a bearish pennant formation in the 4 hours chart and we should break this to the downside as a continuation pattern, if we break to the upside things could look very bullish, be careful with the fake outs.
The death cross is almost here, this weekend will happen, are we going to see a mayor dump or not? sometimes we did and sometimes we saw a pump too but eventually prices are more likely to keep falling, lets see, we may not always see that but I am very bearish now only for some weeks maybe, we could also have a fake death cross and follow up with a golden cross...
Btc is in a critical moment now, in 4 hours chart the rising wedge looks broken but in daily one we are making strong support, we need to bounce back at least in our strong support line if not we could expect the worst.
We could be forming a falling wedge or a descending broadening wedge in the weekly and daily charts and at some point this year we will need to break them to the upside most likely, I can't wait to see if any of those plays out.