To extend upon my thesis that we have seen the low of the BTC bear market, I point out that we have seen a strong reversal pattern just complete, that is more obvious in the 4hr chart. Above you will notice the Inverse Head and Shoulders formation has completed around the 25.3K low. It is early days and anything could happen, however, this is also coincident with a 5-wave impulse higher that was followed by a 3-wave correction. Together, I believe, these indicate the trend has reversed.
What do you think? Is it up from here, or is it all just another fake-out?
Too early to say that it has reversed though we had two moves down (somehow could be considered as ABC after high) -52% and -48% so this must be enough for us to reload for another run imo. I also think that we are likely to reverse here but let's look for further confirmation. Continuous retest of the lows and support with unpredictable outcome can still be in sight.
trident_71
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@trident_71, btw inverse H&Sers on BTC are purely recognizable and to my view current is not the case.
Crypto-Swing
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@trident_71 Thanks for sharing your opinion. The corrective structure is a combination correction called a Triple Three and is labeled WXYXZ. There are also multiple iH&S structures within the v-shaped dip to 25.3k. I’ve only drawn one and it’s neckline is current resistance.
eurasia1tech
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It doesn't matter to me anymore, I lost..
Crypto-Swing
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@eurasia1tech Live to fight another day. There will be all time highs this year.
eurasia1tech
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@Crypto-Swing, Unfortunately, I made a big mistake in losing all my capital in Future trade😌