When things are feeling bleak, remember to zoom out.
On the daily chart things still look pretty bullish.
We made an attempt to break through 10k (a big psychological resistance) which was also the neckline on an inverse head and shoulders bottom. Which didn't quite make it. I don't think this has invalidated it, it just needs another go, and BTC frequently does the unexpected. There is also a large ascending triangle very much still valid on the map.
Large Ascending Triangle (purple)
Bullish signal, narrowing towards 10k.
Target = 12,955
Large inverted head and shoulders (green)
The major reversal is still in play. Neckline passing through 10k.
Target = 17,377
Adam and Eve (blue)
I'm also keeping an eye on the forming of an Adam end Eve, double bottom, which needs to break much higher, around 11,700
Target = 15,320
Of course we don't enjoy seeing pullbacks like this. But we need them to actually build these large patterns.
Patience, if you dumped and are conservative, wait for the breakout to jump back in.
Patience, if you held, and you're looking for more support you might find it at the ema 100 or at 8888 where there's a slightly ascending line of support that has held a few times since April 21st
On the daily chart things still look pretty bullish.
We made an attempt to break through 10k (a big psychological resistance) which was also the neckline on an inverse head and shoulders bottom. Which didn't quite make it. I don't think this has invalidated it, it just needs another go, and BTC frequently does the unexpected. There is also a large ascending triangle very much still valid on the map.
Large Ascending Triangle (purple)
Bullish signal, narrowing towards 10k.
Target = 12,955
Large inverted head and shoulders (green)
The major reversal is still in play. Neckline passing through 10k.
Target = 17,377
Adam and Eve (blue)
I'm also keeping an eye on the forming of an Adam end Eve, double bottom, which needs to break much higher, around 11,700
Target = 15,320
Of course we don't enjoy seeing pullbacks like this. But we need them to actually build these large patterns.
Patience, if you dumped and are conservative, wait for the breakout to jump back in.
Patience, if you held, and you're looking for more support you might find it at the ema 100 or at 8888 where there's a slightly ascending line of support that has held a few times since April 21st