Hi, everyone!
BTC is in the bearish channel for 14 days and we didn't have any significant bounces that often can be found during selloffs like this. This is understandable because the selling pressure is ridiculously high. During the last 24 hours price formed a Diamond pattern that we talk about and traded previously.
Diamond is the reversal pattern and it might mean that this is a bottom of the right shoulder of so anticipated Inverse H&S.
The Diamond pattern must be traded ONLY upon breakout, but again, we are in the downtrend channel, so, the breakout from the diamond can't be taken as a good confirmation. Confirmation for me, if after an upward breakout from the diamond we will break 6550 and escape from the channel. If so, 7500 and 7900 are expected to be tested.
HOWEVER! Keep in mind that we failed to get out from the longtime downtrend and came back under resistance. This means, that you have to cut your appetite and don't expect anything higher than 7900 at least for now.
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
BTC is in the bearish channel for 14 days and we didn't have any significant bounces that often can be found during selloffs like this. This is understandable because the selling pressure is ridiculously high. During the last 24 hours price formed a Diamond pattern that we talk about and traded previously.
Diamond is the reversal pattern and it might mean that this is a bottom of the right shoulder of so anticipated Inverse H&S.
The Diamond pattern must be traded ONLY upon breakout, but again, we are in the downtrend channel, so, the breakout from the diamond can't be taken as a good confirmation. Confirmation for me, if after an upward breakout from the diamond we will break 6550 and escape from the channel. If so, 7500 and 7900 are expected to be tested.
HOWEVER! Keep in mind that we failed to get out from the longtime downtrend and came back under resistance. This means, that you have to cut your appetite and don't expect anything higher than 7900 at least for now.
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Comment:
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