As I said previously on my idea, btc dropped correctly at the 35-36k level and kept it to bounce back to new highs, However we are still looking at a rising wedge pattern in the 4h chart and coordinated with a strong resistance which indicates reversal point on the daily chart that needs to be broken but it has not been broken in a while.
I remain kind of neutral in the market but I expect 2 scenarios playing out.
First Scenario- As seen in the chart, I expect Head and shoulders pattern forming, indicating that BTC will probably fall out of the wedge and bounce at 37.1k support up to 38k before falling again to the 35k, which may be a strong area to bounce back and trap the bears not going down. Personally I think this will happen and then we need to watch out the 35k level because if it does not hold, 30k is the target.
Second Scenario- Be careful with the breakout! If it breaks the level of 40k, it may be a trap for the bulls as it has happened before and this pattern looks perfect to do that, especially on the daily. Volume is declining and an upward movement could be the perfect trap for the bulls and also shaken the shorts.
Trade with SL, trade smart and don't FOMO. If you can not choose a side, better watch firstly.
I remain kind of neutral in the market but I expect 2 scenarios playing out.
First Scenario- As seen in the chart, I expect Head and shoulders pattern forming, indicating that BTC will probably fall out of the wedge and bounce at 37.1k support up to 38k before falling again to the 35k, which may be a strong area to bounce back and trap the bears not going down. Personally I think this will happen and then we need to watch out the 35k level because if it does not hold, 30k is the target.
Second Scenario- Be careful with the breakout! If it breaks the level of 40k, it may be a trap for the bulls as it has happened before and this pattern looks perfect to do that, especially on the daily. Volume is declining and an upward movement could be the perfect trap for the bulls and also shaken the shorts.
Trade with SL, trade smart and don't FOMO. If you can not choose a side, better watch firstly.