So here’s what we currently got with this recent pump that occurred 48 hours ago… - A solid bounce off the 200 day SMA - An inverse H&S forming - A closing approach to the major resistance we’ve had forming since 2019
WE ARE NOW APPROACHING THE “MOMENT OF TRUTH” ZONE…
>> IF we end up breaking past the $9800-$10,200 zone on the 4 hour and 1 day timeframe, we’ll start to see some of that moon boy momentum that everyone has been praying for over the last month. >> IF price gets rejected at this zone for the 4th (and what I think final time), the bears are back in action and should expect to see some heavy drops in price as bulls are will be exhausted by then.
As for now…. Signals are looking a little bullish, but anything can happen around this “moment of truth zone”, which will most likely reveal itself in the next 48 hours or so.
Stay tuned for my updates and if you like my analysis please “like” and “follow me” for more updates as they come. ~Crypto Account Builders
Comment
⋅
Well we did it! Finally a break past the "moment of truth" zone. ;-)
We're still not out of the woods yet. Give it another 24 hours to see if the break holds up on the 1 day time frame. This could still be a bull trap.
>> Moving forward, we still have a major resistance zone between 10.5 - 11k. This will really determine the strength of the bulls.
Here's my update....
Please like and follow if you enjoyed my analysis. Thank you.
Comment
⋅
Comment
⋅
Things are looking a little bearish at the moment with the latest bull trap we saw occur on June 1st. As of now we, have a rising wedge forming. Well most likely see a bit more consolidation and with a potential swing up to the 10.3k area before we break the wedge and start the next correction phase.
Also notice that there is prominent divergence going on within the one day timeframe.
I've notated a buy zone for for the highest potential gain off the 0.618 Fibonacci level once the rising wedge is broken.
Things are looking a little bearish around here. Great updates on your chart!
thilagk427
⋅
I agree with this, Right now EVERYONE is thinking we are about to break resistance and shoot up higher, but Bitcoin tends to do opposite of what the herd is thinking / doing. We are currently making lower high after lower high, and even had created a lower low at the beginning of this month..... That screams bearish to me. Bulls shouldn't be able to sustain this uptrend unless some serious investors step up.
culturalOil10618
⋅
I agree with your analysis. Seems like were overdue for a correction now. Keep up the good work.
asrstock
⋅
Yeah, like I'd trade that idea. Zombie Bear on full display. Short everything you got! LOL
waite_marjorie
⋅
Great chart and updates. I'll be following this one closely.
mhdafridi
⋅
Great Chart👍👍👍
gipsonmary37
⋅
I think it will retrace off the ascending channel, but I like your theory
akaanish
⋅
❤❤✔
foreignBear96557
⋅
Shorting this! Go hard or go home. ;-)
CryptoAccountBuilders
⋅
Latest Update - Failure to break the 200 MA shows more signs of bearish intent. Volume is also steadily declining.
So far there are no indicators of bullish intent. Just waiting on a dip any day now....