BTC relief rally to 25.3K or fake out ?

Jun 24, 2022

this inverse H&S pattern got a lot of eyes on lately and a lot of people are right now opening massive long positions since price retested the previous neckline resistance and flipped it as support . In my opinion we still have a lot of resistance up ahead to call this a relief rally . You have macro resistance at 22.1K which is caused by the 200 WMA . you also have resistance at 21.4 K which corresponds to the 0.6 fib level from the fib retracement drawn from the high to the liquidation low price . zooming in , you have a clear rising wedge that you can see more clearly on the H1 chart . This potential pattern can send price back to the 0.2 fib level at 19.1K . if price goes up and flips those resistances to supports i think your maximum price target would be at 25.3K which is the H&S target and the 1.22 fib level . if you happen to push above it you still have resistance at 26.5K caused by the trend line that price has been respecting since its peak and the fib circle level .
Not financial advice