BTCUSDT 4H Analysis
NOT FINANCIAL ADVICE
TL;DR BTC continues moving downwards towards the 60k mark. A bounce there would validate the IH&S pattern and open the way for a W3 to 71k.
- We have a lot of confluence:
- On top of being the right shoulder of the IH&S pattern, a retrace to 60k would be 0.618 fib of the last leg up
- We are seeing some support from the 50VWMA (yellow), very close to the 60k mark (currently 60.7k)
- TD Sequential just printed a perfect Buy Setup (red M9), indicating a potential reversal. You can see on the chart how accurate its previous signals have been
- RSI is nearly oversold (currently ~35)
- Both the MACD and its signal line are in the negative. Once we have a crossover, the further below 0 it happens, the stronger the reversal confirmation will be
NOT FINANCIAL ADVICE
TL;DR This could be a huge week for #BTC.
Elliot Waves + IH&S playing out perfectly so far. W3 short term target to $71k, W5 target could be new ATH.