BillCharison

BITCOIN - WHAT'S NEXT? HELL OR HEAVEN?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After double top formation BTC broke support at $7600-7700 level and stopped around $7000.

Based on the conclusions of the previous idea, we continue to draw H&S, which implies a correction to $7500-$7600 level for the retest of resistance.

On the other hand, let me remind you about the gap that we've closed with a wick. However, the gap is considered closed only if the 1H candle closes within its limits below 50% of the gap. Which means the trend price should drop to $6600 by the body of the candle.

If the price dumps to $6600 and holds there, the price starts trading below the support. This can lead to a trend change, which is confirmed by the completed H&S .

Still there is an option when we don't see a correction, but savagely dump till $6600, which, in fact, is a bullish sign. Why? Because the price forms a classical correction without a chance to open short, so the crowd starts to buy and return bullish trend .

However, it argues with the fact that we are consolidating below support, which can be explained by a false breakdown.

Priority now is bearish with the sell zone till $7600, the main argument - closing of the wick by the body of a candle. After that, we may argue about further price movements, depending on $6600 testing.

BUT if during the correcting the price rises and fixes above $7500-7600, the priority becomes bullish .

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