#BTC H4 Update. Will this Inverse Head & Shoulders Play out ?
We saw accelerated selling on Bitcoin and all other Cryptocurrencies because of Luna failure and some other bad news that went out on May 12. However, Bulls were able to defend daily support of 28k and BTC closed daily above that price on May 12. We saw good bounce on Bitcoin and Altcoins from that massacre but i was not impressed with the Volume here and it was Rising prices with falling Volume (A Bearish Price Action). Such Volume usually indicates that rally is a short term relied rally.
We have got major (HTF) support at 28k and also LTF support at 27.5k zone and i can see a Inverse head & shoulders in the making here, so my Bias is more on the Bullish side than Bearish one. A clear breaker of falling wedge Trendline will trigger a move towards 33k & 35k. In case if we CLOSE any H4 below that green line mentioned in the chart, this setup will be invalidated and we will likely visit 24k in that case.
All the best. Trade safe.
We have got major (HTF) support at 28k and also LTF support at 27.5k zone and i can see a Inverse head & shoulders in the making here, so my Bias is more on the Bullish side than Bearish one. A clear breaker of falling wedge Trendline will trigger a move towards 33k & 35k. In case if we CLOSE any H4 below that green line mentioned in the chart, this setup will be invalidated and we will likely visit 24k in that case.
All the best. Trade safe.