BTC 4HR showing downtrend - with the 'W' patterns, you can see starting from May 19 with the big dip, we are now at the last tip of a second 'W' formation.
We just saw the tip hitting around 36.5K and now is going back down, so this can either be a small downward retracement or a major one. If small retracement, then it will bounce back up and could hit 37k -37.5k before coming back down to signify a third 'W' formation.
Since we are in a downtrend, we can look to see a legit retracement to be around 29 - 28K. I do not see BTC breaking out of this downward pattern just yet because there are no real positive news that can justify for such a breakout and have BTC soaring back over 40K and into the 50Ks. What we see in price fluctuations are mostly leveraged tradings by whales and institutions, if it is coming up quickly, it will also come down quickly. Don't be fooled and don't give into FOMO. Use logic, TA, common sense.
really fabulous.... really fabulous, because of FOMO I lost 7000 USDT just in some days, not it's a clear picture. thanks a lot
cryptoaddictkoh
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@yazman50, thank you. Best of luck. And yes, don't give into FOMO. There is always plenty of action in crypto every day... if you miss a run, know that there is always the next one. When you see many people saying BTC now going to the moon or tanking into the bottom, use logic and TA trends with patterns. What events are there presently while in the midst of so much FUD and regulations being applied to crypto that would cause BTC to soar over 40K? Too much negative news lately and too much fear out there for retail investors to jump in now. There would be nothing to justify a bullish trend for BTC now if it does go over 40K. Stick with what the charts are showing us and use our common sense. :)