In the last 2 mo, BTC rose up from 7K to 10K. The rise was helped by the Iran news and the coronavirus news. It appears that the momentum is losing. An HnS pattern has appeared on the chart as shown. It suggests a downside to 8K over the next month. There is a chance that the HnS pattern does not immediately lead to a downtrend. In that case, BTC may retest the recent high of 10K. However, before crossing the previous high of 13K from 2019, I think BTC comes back to 4-digits for one last time ever. 8-9K would be a good level to load up. I think BTC would not come back down to these levels ever again.
Comment
⋅
Downtrend started after the H&S shown above. Price action has been more violent than what I predicted in my schematic.
Trade closed: target reached
⋅
Target reached in 2weeks. Almost picture perfect. Now, I don't plan to hunt for the bottom. Instead, I plan to slowly scale in long-term positions over the coming weeks-months.