Previous highs become support for the SHORTS.. 3 times from now..
Will the ETF decision create a new all time high? It's more likely that the ETF will not be approved and this could mean we will see a new all time high on the shorts graph.
When we get a approval we will see a huge jump in the BTC price and the shorts will probably squeeze towards the bottom of...
BTC has the possibility to complete the inverted inverted Head&Shoulders pattern, but is it likely? Not to me.. First it has to reach the neckline at around 10% from were we stand now. After this 10% bullish move it also has to break this neckline that seems to be a heavy resistance area. The bulls are not showing strength at all..
The only thing that can drive...
- BTC is possibly forming a inverted head&shoulders pattern. If BTC can complete it I expect a mid-long term bullish sentiment again. Originally it would mean a trend reversal! -
This could happen
I think we might see a drop to the $6000-6400 area. If we see some bullish candles afterwards and we manage to break the 'neckline', I'll be completely bullish on BTC....
This seems to me the most logical outcome for Bitcoin.
BTC is kind a oversold and MACD is making a bearish cross on the 4h chart, so I expect a small correction short term. After the correction of BTC it has to break the neckline to complete the pattern. This means that we can see a trend reversal on BTC.
We could retest the previous wedge or we will see a raise to the last high at 6550. A descending triangle is normally a bearish chart pattern, but I'm totally neutral when I compare it with some bullish indicators.
Bullish divergence on the daily BTC and the MACD is trying to become bullish. Overall volume very low and a bearish pennant on the hourly.
Strong support within the 5500-5600 area mid-term. Support line @5500 + bottom of the falling wedge.
Good luck trading!