we have a BTC showdown coming up this week: After taking the first stage at 6.400, we now have our right shoulder, exactly like I've anticipating for over a week now, check my ideas. Is it likely that we go through 6.800 straight without pause? -not very much. More likely is a scenario, where we consolidate before taking 6.800 out, either tightening between 6.8 & 6.4, or closer to 6.8. Note that 4H & Hourly is overbought right now.
Can we still break to 5.800 from this equilibrium? Sure, but that is the unlikely scenario right now: Since last week, we have been building a nice inverted trend reversal (with a prolonged 'head' if you want so), with the shoulders forming between 6.3-6.4, before breaking this to the upside.
So: If we manage to break the even bigger inverse head&shoulders to the upside at 6.800 on the Daily, this could mean big potential to upside. => Bulls have to watch for that break. The move above that area could be even magnified with many shorts closing.
I wish you a wonderful week & good trading! The current 'wicks' & fakeouts over the weekend show us clearly once again that we have to always put in our stop-loss! It is our best friend when trading.
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About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC .