The correction may very well be over. Markets often bottom on bad news and it seems that bitcoin bottomed when China made its announcement of cracking down on mining.
Ever since then BTCUSD has been on a gradual uptrend with lots of positive headlines and widespread adoption becoming more commonplace along with the past-due recognition that Bitcoin incentives renewable energy. Bitcoin empowers those that have been left behind by the traditional financial system.
Waiting for confirmation of the trend with the neckline being broken. The pattern is very bullish & is accompanied by a bullish MACD cross and a pass of the test at 50 RSI. It has plenty of room to its 4H200 MA.
I think there is a larger head and shoulders on the daily timeframe. BTC is also currently seeing resistance at the 200 day MA (in addition to other resistance) and pulling back. I think further downside is coming. The head and shoulders I am referring to would possibly necessitate the bottom at mid 20Ks, no lower than 19K. It is possible we still have some upside left right now but we've not yet fully corrected, including most "alt" coins.
EBITDAtiger
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@MPH_, Yeah, this one? . I've been ignoring this mother of a H&S cause it seems to be invalid. as you can see with the VPVR, there's a heavy base at 18k but the likelihood of us reaching that is extremely far out. Too many tailwinds for BTC and ETH to be worried about the downside IMO. I think it's onward and upward from here
Clevortrevor
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I bought at the beginning of the new weekly candle. Thanks to all the TA I receive on this platform.
EBITDAtiger
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@Clevortrevor, solid entry point. this platform is always great for entry points/new trade ideas