Risky trade to the upside... might work... easy to manage risk...
Potential H&S forming. Hash Ribbons on Weekly giving a buy signal. RSI may find support to create bullish divergence. Overall technicals are bearish but could easily switch around to super bullish... Bitcoin likes to surprise people. :)
Trade safe shorting is available use stop losses
Q1 price action is very similar to the price action we are seeing now through this consolidation. Capitulation RALLY UP Drawdown with a higher low Rally up sharp draw down slow higher low rally up slow form ascending triangle then upward breakout It is likely Bitcoin has bottomed already but you must be patient and wait to see price action forms this bullish...
Ethereum inverse chart about to fire straight to the bottom and make lower lows.... Just an idea have not evaluated this thoroughly..
Just a thought to be shared...
Bearish Divergence Rising Wedge Double top
Looking back at price action and bringing in bar patterns where weekly RSI and miner capitulation indicators being at the similar levels.
A potential scenario, BTC tops out at $7.8k then dumps before forming the low until next bull run peak..
Fundamental on-chain analysis also indicates we are near the bottom....
I think it won't go lower that 7550 now so entering early with a tight stop.
Good R/W trade - Target the upward breakout
After watching how bitcoin reacts to the $7.6k level I believe there is more upside to go after a potential breakout, trade with good R/W setup.
Consolidation in the triangle and trade the breakout either direction, my guess it breaks to the upside....
Should break out more likely to the upside, good R/W.
Two options. We are forming a decending triangle indicated by the yellow lines, if so, that should setup the breakdown near $6.5k-$6.8k shown as the blue line. or We rally up higher near $7.8k and get another rejection indicated by the red line. Market is very risky atm. Hold off trades.