Market Summary #8

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello friend.

Chart is clearer, than yesterday. Bitcoin is shaping beautiful and strong patterns. Was I scared? yes. Did I make any reckless decisions? no. When I can't see further price movement or can't spot a pattern, I continue to stare at charts. Yesterday, I did nothing, but staring. Many get so excited and panic so much, that twitter gurus were predicting $7100 (https://twitter.com/ThinkingUSD/status/1...)

Bitcoin always falls suddenly, it's downward trend can change in any moment, like yesterday. I would also be bearish , if not these patterns.

Descending wedge , indicates on growth. This pattern is very strong, hard to trade and unreliable, although sometimes comes in handy. If you were short, it has ruin your party, for bulls it was savior.

I call it magical support line, because it's out of logic, how lows can perfectly sit together. I hope line would hold price above this level

The star of the show. huge pattern, Head and shoulders , with necktie (black line). Price fall even helped pattern to become clearer. I think bigger the pattern is, the stronger and influential it gets. Pattern is very positive for Bullish scenario, especially if we consider, that we have weekly resistance at $9936.

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Thanks for your analysis
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