As we watch the price for BTC develop from it's recent lows, we haven't seen much bullish action and it seems as if bears just have complete control at the moment. I was super bullish on this pair but as we move forward, there are just more and more signs that BTC will soon be making a new bottom.
With the little amount of buying pressure I'm currently seeing price struggle more and more after the recent closure on the 4 hour.
(which I believe you will be able to see if you were to "make this chart yours", you'll be able to see a further breakdown on other indications I found that helps support this current trade idea.) - Two Failed Inverse Head and Shoulders - Current (Completion) of Head and Shoulders
All in all, it's really not looking good for any bullish traders that are still trying to bet against the current trend and feel bad for all those still holding.
I do believe we will see price come back and retest its structure that lines up with the 23% fib level on the 4 Hour Time Frame, and again on the daily time frame in an attempt to capture more bulls before the next leg down because that's the pattern we've been seeing this whole time.
I did have a couple of other things like wave analysis and a few other points but I want to get this thing out before the move happens and it's already been over an hour since I started. Lol.
what goes up must come down before it goes up again we will not dip below 30k in my opinion and if we do it we'll go no farther down the 25k before a new high
collinmurray40
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I do like your side of the story butttttt on the other hand you should be also looking at bullish scenarios because let's be honest... yes BTC is still a very new market and going off last history like most YouTubers are doing could result in am epic fail. but ultimately let's be honest with our selfs and jump back to why we all invested into crypto in the first place. btc along with eth and many other altcoins is ultimately bullish in the long term!? now people will say long term! who wants to hold for 2-3 years through a bearish market? well I'm here to say the obvious and wake people up so they don't miss this opportunity!!! the head and shoulders the came up on the daily a few weeks ago played out perfect, literally was text book. the extension on the right shoulder showed it would hit 30k and it did that exactly, with little to no time to grab coins at that price. aka flash crash. now what to we all know now before the initial push to 65k?? Tesla got in around 45-50k a coin and made huge profits. then they tested btc when they sold 10% of their coins to see how it would react. and it regained strength and hit an all time hight shortly after. Elon then took his opportunity and manipulated the market as he did in the past and the Nubes sold along with a couple other forms of bad news ultimately popping the "bubble" that needed to be popped. that has now created the best and more then likely a once in a life time opportunity for the big dicks aka the billionaires and big corps to fomo in (already has begun with multiple players). but skip all that and then take a peak and see what the dollar is doing and going to continue to do... BTC and crypto as a whole is going to change the world forever it is inevitable. we found consolidation and will slowly creep out of it to make and new all time high within the next two months. do research this shit isn't rocket science hodle and accumulate best of luck