thecryptkeeper

BTC long term bull, short term bear.

Short
COINBASE:BTCUSD   Bitcoin
As you can clearly see, BTC has been trading in this channel since the start of the big bull run. Looking at previous patterns it makes two solid pushes into the trend line, then comes a 30-40% correction. I expect the same here, especially since a failed test to break and hold 6k again (expect one more possible test of that). Also, the H&S pattern is all too obvious. As price was rising volume was declining, another sign that a significant downward move is on the horizon. Scaling back into your position around the kijun support (maroon line) $4,600 area is a great starting point, ultimately the rectangle is where to set majority of your bids. A breach of the bottom trend line is a lottery ticket, btfd as hard as you can at that point. This is crypto and chart patterns morph and emotions and sentiment change constantly, it's beyond important to always be objective. Perma bull or perma bear will ultimately cost you money. That being said, this pattern is negated if a push to 6100+ occurs with matching volume. If that does happen, first target $6400 and then $6700. From there you can reassess your short position.
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