BTC Dead cat bounce and head and shoulders?
已更新
Looking at the 6 hour time frame, following up from my previous post we can see that BTC is still oscillating within the triangle. Although we did see a wick below, we are currently within the triangle. This just gives me a signal to be wary but not bearish yet.
Firstly, we see a inverse head and shoulders, indicating that we could possibly be heading further downwards. This gives me a slightly bearish outlook, and when we further look at the 3 curves, we can see that a dead cat bounce is about to be formed.
As seen in the graphs, I see two scenarios: the first scenario is where we drop downwards, validating the dead cat bounce and head downwards. This is overall very bearish, and we could possibly see a further -20% correction down to mid 20ks. The second scenario I see is where this dead cat bounce is invalidated and we head upwards, breaking above the triangle to test ATH or simply trade sideways. Overall, I am still relatively bullish for alt season, but we need to keep our emotions in check and understand that there is a potential we are in the early stages of a dead cat bounce and we can further correct downwards.
Firstly, we see a inverse head and shoulders, indicating that we could possibly be heading further downwards. This gives me a slightly bearish outlook, and when we further look at the 3 curves, we can see that a dead cat bounce is about to be formed.
As seen in the graphs, I see two scenarios: the first scenario is where we drop downwards, validating the dead cat bounce and head downwards. This is overall very bearish, and we could possibly see a further -20% correction down to mid 20ks. The second scenario I see is where this dead cat bounce is invalidated and we head upwards, breaking above the triangle to test ATH or simply trade sideways. Overall, I am still relatively bullish for alt season, but we need to keep our emotions in check and understand that there is a potential we are in the early stages of a dead cat bounce and we can further correct downwards.
評論
Still within the zone, had an impulsive break through the smaller downwards trendline, still bullish for alt season!
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