I had not noticed it in my previous posts but BTC is indeed on a road to completing a (very crude) right shoulder of a pretty big (and ugly) H&S on the Daily Chart. All 3 of my plotted possibilities are still in play!
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I updated the Right Shoulder to more accurately line up with the expected approach of the RSI
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BTC has borken the descending channel resistance! We're looking for both another candle in the green AND a push above the 50EMA. If that could happen tomorrow that would be AMAAAAZING :)
HOWEVER, I'm a firm believer of "plan for the worst, hope for the best," and in the land of infant Crypto that should be a staple. If you're in I hope you have S/L's set to prepare for a rejection at the 50 that could send us down toward my first target in red.
HOWEVER, I'm a firm believer of "plan for the worst, hope for the best," and in the land of infant Crypto that should be a staple. If you're in I hope you have S/L's set to prepare for a rejection at the 50 that could send us down toward my first target in red.
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Keep one eye trained to the price from now til about the 25th, BTC can either fall down from there to the support line in blue within my redzone OR the price can rally with an attempt to complete the inverse H&S.
With the failure at the most recent rally, I'd say it is more likely for the price to retreat to the support to recruit more buyers and support to pick up steam for the push to 9k.
With the failure at the most recent rally, I'd say it is more likely for the price to retreat to the support to recruit more buyers and support to pick up steam for the push to 9k.