I totally missed that this larger head and shoulders has completed its formation. Largest head and shoulders ever. Since my post yesterday, BTC made a very weak bounce to 7800 and wound up closing under the green trend line on it's first try on the daily. This is very bad news and if it can't close above today, we can expect a stairstep down. BTC is currently testing the 400 EMA with the 400 day MA slightly underneath. MACD on the weekly chart has crept into downtrend territory for the first time since 2014. As BTC goes lower, bounces will be more intense, like 10-50% a day. Buying low and selling high frequently could possibly yield good results but holding could be disastrous. BTC is also dragging most altcoins through the mud. Next few days are crucial.
Positives are that the 200, 300, and 400 EMAs are flattening out and could mean stability centered around 9k, ranging from 6-10k.
Positives are that the 200, 300, and 400 EMAs are flattening out and could mean stability centered around 9k, ranging from 6-10k.
Comment:
double double double bottom on the 2h RSI, rally over the green trend line should lift alts up
