BTC drop has caused a lot of the crypto market to pull back down. Although there is decoupling occurring there is a lot of progress still going on. We can see BTC dropped down and found support at 3850$ just above the 200 MA and I see a possible head n shoulder formation back to test 4,000. If 4,000 is broken we will continue back to 4,300 to test the top again heading to point 5 on a 12345 Wave structure in this range. If we break down and the head n shoulder pattern is confirmed then we will be seeing shorts take over and push back down to 3500-3300 floor. I hate to say it but I see BTC pushing back to 2900. It all depends if we can truly break beyond 4,300/4,400. Until then we have to play between this Orange Top and Bottom Horizontal Range. Haven't quite touched the top of the zone still so it is possible we can very much head back up quickly to test. If so alt coins could follow. On the higher time frame we have not hit a bottom yet so it is crucial to understand this. Bears are still in control. We have to see a break beyond 4,500 then find a floor (support) to head to 6,000 to truly be in a bullish trend again.
評論:
200 ema holding. Could we get the 5th if this holds? If so be careful because this will fall back down once complete