Hey team! Looking at the 4-hour chart for Bitcoin, this is what I see. The biggest thing in my opinion are the purple trend lines, in particular the bottom trend. This is the base support for the uptrend that started around $3120. Since peaking at $4237, the price has retraced almost to the .618 Fib retracement mark. While earlier today I predicted the seller volume, it wasn't quite the smack down I was expecting. This could be a sign of bullish consolidation. If so, it could be a great spot to start the next leg up. However, a breach of this support would send us down to the .786 retracement mark below $3400. My concern is that once the support is broken, it could become resistance and there is a lot more resistance at the .786 level than the .618 and we will have dropped below the uptrend line. The good news is the uptrend has a little extra support from the dotted blue line which was acted as the reversal point for the left shoulder. We're hoping it can do the same for the right. If it can, our goal is to set a higher high above $4237. This would be a breakout above the neckline and a higher high which would be very bullish. With a head height of ~$1100, we should have an inverse head and shoulders target of $5200-5300. But before we start imagining moons and lambos, let's see if the price can remain in the uptrend.
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BITCOIN!
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Or should I say "Dump Fake"?