Crypto-Swing

BTCUSD Market Structure

Short
Crypto-Swing Updated   
COINBASE:BTCUSD   Bitcoin
Notice at the moment we are at the top of the declining channel, and the past action would indicate that we might expect a decline to the 50% zone of the current channel.
Comment:

In the daily timeframe, we can see the downward sloping support of the current channel being confirmed twice, on June 15, and June 11. Current support is provided by the upward sloping blue dashed line. But that seems likely to fail, giving the next support at the neckline of the Head and Shoulders pattern at $8,663 or so. This could coincide with a bounce off the bottom of the current channel, from which we might expect a rally to re-test the blue-dashed trend line, completing a right shoulder to the pink H&S pattern.

If that plays out, it would reflect a fractal of the green rectangle, which might predict another decline,completing the H&S pattern, and setting the stage for a more significant decline toward the $6383 level and completing the right shoulder of a much larger iH&S pattern.

A lot of "ifs" and a few weeks ahead of time, so much could change. However, if the blue-dashed support line break down, then we could be breaking out the popcorn for the last great buying opportunity of BTC at $6383.

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