BTC is range bound for now and likely to remain that way until it resolves the above. Something to keep in mind, this is my best guess that there will be another point of contact along the trend line above. So the symmetrical triangle I drew is actually not valid either - just another possibility... but it is what I would bet price action will do.
It is a valid H&S only under the following condition:
So unless you see a CLOSE below 32000 and a test of the neck, this just looks like an H&S, but it is not.
Why do I think this is what price action will do?
1) Market structure. 32k is clearly too desired to be broken very easily.
2) Every trader that missed BTC or wants to add to BTC is waiting for 24k. And there is PLENTY of cash and euphoria to scoop up those bids.
3) Range bound price action will frustrate traders the most and markets do that best.
Here are my previous posts on BTC to give more context on my views:
January 7, 2021
December 8, 2020
November 22, 2020
October 8, 2020
July 27, 2020
It is a valid H&S only under the following condition:
So unless you see a CLOSE below 32000 and a test of the neck, this just looks like an H&S, but it is not.
Why do I think this is what price action will do?
1) Market structure. 32k is clearly too desired to be broken very easily.
2) Every trader that missed BTC or wants to add to BTC is waiting for 24k. And there is PLENTY of cash and euphoria to scoop up those bids.
3) Range bound price action will frustrate traders the most and markets do that best.
Here are my previous posts on BTC to give more context on my views:
January 7, 2021
December 8, 2020
November 22, 2020
October 8, 2020
July 27, 2020
註釋
This has become a valid symmetrical triangle and trading just above the 21dma. This is a bullish continuation set-up. Next big move is likely higher:註釋
32k is the line in the sand here for a deeper correction. Looks likely now
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