DrDovetail

Priceaction keeps knockin on the necklines door but cant come in

COINBASE:BTCUSD   比特幣
yet another instance where the accuracy of TA absolutely astounds me. We can see when the price broke up on the first 4hr candle to leave the neckline behind that it hit the turquoise falling wedge's breakout target with exact precision the next candle made it as high as 11126 or so before coming back down and turning red on us and where did that candle stop its fall at? right back at the descending neckline of the inv h&s pattern where its continuing to find very solid support. Until it closes a 4hr candle back below the inv h&s neckline a fakeout won't be confirmed. For now it's still quite possible for it to bounce back up off the neckline and head back up to 11.2k possibly even the 12.3-12.5k range. Also possible to tank here and then head back down to 8.5k after confirming a fakeout. For now we remain neutral and vigilant until the whales make clear their next move.
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