Not liking the H&S Pattern. My theory is if the stock market goes down, BTC will go down too. Next few weeks until the FOMC meeting will be critical. Chain reaction, no more money printing means rates go up, companies don't buy and stocks go down. Investors are less likely to invest in other asset classes. No more stimmy checks for retail.
Not shorting, but 40K is the major trendline since sept '20. Measured move takes it to 12K which is where this bull run started. I'm not saying it's going there, but could go there if the Stock market crashes. RSI on the daily indicates it's oversold, but the weekly is still high and price can do a dead cat bounce. I'm watching to see if it breaks below the upward trendline. I'll wait until I see price break out of the downward trendline and a back test for confirmation before going long again.
Not shorting, but 40K is the major trendline since sept '20. Measured move takes it to 12K which is where this bull run started. I'm not saying it's going there, but could go there if the Stock market crashes. RSI on the daily indicates it's oversold, but the weekly is still high and price can do a dead cat bounce. I'm watching to see if it breaks below the upward trendline. I'll wait until I see price break out of the downward trendline and a back test for confirmation before going long again.