Bitcoin is making the final touches to its launching pad
I know my previous chart was naked but this should give you a good idea of the opposing forces at play.
Overall Bullish
1) The bears could hardly push BTC below the support (in pink, making a bullish descending wedge) made from the circled inverse head and shoulders that exploded mid April
2) This caused a weak breakout outside the wedge which got totally rejected when meeting the red resistance line.
3)Generally, the bulls like to wait until a downward breakout before really rallying up
4) The 6.4 support is extremely solid so we're basically at an excellent buying opportunity. I doubt bears will be able to push below this level. All this did is create a strong base to potentially break 8k.
That being said, a push below 6.4 is Extremely bearish. setting a stoploss there gives you minimal risk with huge potential.
I think the greed won't allow the red bearish scenario to execute, but it's still on the table.
Like if this helps, and comment your thoughts--
Overall Bullish
1) The bears could hardly push BTC below the support (in pink, making a bullish descending wedge) made from the circled inverse head and shoulders that exploded mid April
2) This caused a weak breakout outside the wedge which got totally rejected when meeting the red resistance line.
3)Generally, the bulls like to wait until a downward breakout before really rallying up
4) The 6.4 support is extremely solid so we're basically at an excellent buying opportunity. I doubt bears will be able to push below this level. All this did is create a strong base to potentially break 8k.
That being said, a push below 6.4 is Extremely bearish. setting a stoploss there gives you minimal risk with huge potential.
I think the greed won't allow the red bearish scenario to execute, but it's still on the table.
Like if this helps, and comment your thoughts--