Soooo, guys how we doing?
Looks like instead of dropping out yesterday bitcoin has decided to come back up to test the 20 EMA after all like my analysis a few days ago was anticipating.
Since the 11:00pm pump we saw last night we haven't really moved much today, BTC has just consolidated around the 20 EMA line showing that the bulls have found some serious resistance here.
Price is now forming what looks like a mini H&S right at the 20 EMA and the high of 35.5k. This is only the 1hr time frame though so the H&S doesn't hold much weight but it's good to be aware of it.
My bias is still short for now and my target of the 28k area still stands for this week.
As soon as we break the neckline of the mini H&S and breakout of this ascending channel it's likely to be a quick descent down to the levels mentioned, we can then expect a pullback of +10%/+12%, then a continuation lower targeting the 24k/20k zones where we could potentially see an end to this bear market.
Looks like instead of dropping out yesterday bitcoin has decided to come back up to test the 20 EMA after all like my analysis a few days ago was anticipating.
Since the 11:00pm pump we saw last night we haven't really moved much today, BTC has just consolidated around the 20 EMA line showing that the bulls have found some serious resistance here.
Price is now forming what looks like a mini H&S right at the 20 EMA and the high of 35.5k. This is only the 1hr time frame though so the H&S doesn't hold much weight but it's good to be aware of it.
My bias is still short for now and my target of the 28k area still stands for this week.
As soon as we break the neckline of the mini H&S and breakout of this ascending channel it's likely to be a quick descent down to the levels mentioned, we can then expect a pullback of +10%/+12%, then a continuation lower targeting the 24k/20k zones where we could potentially see an end to this bear market.