BTC is forming a HS pattern at the moment and I expect to see a relief down from current to our previously formed high (green zone). Price has broken through 2 structure levels (blue) & this should signal a retest of the decision point is coming up soon. (NOTE : I said 'should' not 'will'). The green zone contains the 0.5 fib + standard point to take targets on the HS pattern + has a healthy amount of support so it is a good area to look for longs to the decision point - as long as we get an entry reason like a double bottom or another HS pattern or simple candlestick reversal pattern.
In the interest of longer term outlook, If this scenario does indeed play out, it is possible that a larger HS pattern may form in the coming few months.
In the interest of longer term outlook, If this scenario does indeed play out, it is possible that a larger HS pattern may form in the coming few months.
Have you seen that MagicPoopCannon guys TA? He said it could possibly drop to $4-5k area.. What are your thoughts on that?
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Great TA. I agree with your Analysis. MACD 4HR crossed Bearish around 6 hours ago. H&S definitely forming on 4HR.
Started following you :-)
Started following you :-)
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had to redraw entire chart as it was lost for some reason, so it may look diff