Are we gonna have a H&S after all + 2 main trendlines
If you zoom out these are the 2 main lines that played the main part in BTC price action for months
Both were tested, rejected, then broken and retested. Explanation is on the chart.
Now we are reaching the point where we might have a H&S and if the line breaks and rejects at a retest it doesn't look too bright folks, not too freakin bright.
Target for H&S is 12000 give or take. Will not happen immediately of course, might take months or even years with lots of fakeouts in all directions.
This comes with overall weakness and sellers might - look at the charts, we have never backtested neither 62300 nor 53500, always fall short and continue down.
That gives me an impression that we wont see the backtest of 45500 that many people are counting on.
Thus i'm not opening longs off the 41300 and 40500 supports because there is a chance we are gonna slam through them if the sentiment doesn't change driven by some catalyst.
Kazakhstan crisis doesn't give any good impression either cause this is the country where LOTS of farms have relocated from China after they banned crypto.
If neckline breaks it will be a great Risk to Reward favouring shorts but I will wait for confirmations because so many people will open leveraged shorts there it will be such a tempting area for short squeezes.
Patience is the key, cash is ALSO a position.
Both were tested, rejected, then broken and retested. Explanation is on the chart.
Now we are reaching the point where we might have a H&S and if the line breaks and rejects at a retest it doesn't look too bright folks, not too freakin bright.
Target for H&S is 12000 give or take. Will not happen immediately of course, might take months or even years with lots of fakeouts in all directions.
This comes with overall weakness and sellers might - look at the charts, we have never backtested neither 62300 nor 53500, always fall short and continue down.
That gives me an impression that we wont see the backtest of 45500 that many people are counting on.
Thus i'm not opening longs off the 41300 and 40500 supports because there is a chance we are gonna slam through them if the sentiment doesn't change driven by some catalyst.
Kazakhstan crisis doesn't give any good impression either cause this is the country where LOTS of farms have relocated from China after they banned crypto.
If neckline breaks it will be a great Risk to Reward favouring shorts but I will wait for confirmations because so many people will open leveraged shorts there it will be such a tempting area for short squeezes.
Patience is the key, cash is ALSO a position.