Bitcoin inverse head and shoulders + ETF news spreading!
This long projection box is a followup from my previous falling wedge call for 5800 entry
This looks like an inverse head and shoulders pattern in play here on the daily chart. I gave that extra blue polygon for a margin of error. No pattern is exactly perfect, but I wanted to highlight the 6800 neckline/ major resistance here.
Luckily we shot back up above 6130 like just an hour before close yesterday to keep us in play. It looks like to me between the daily and the weekly if we close below 6130 things might start getting bad for any bullish predictions. So to keep this in play we need to keep daily and especially weekly candle bodies above 6130. From now till July 15th close for weekly.
I'm counting on this pattern to play out along with the spread of the Bitcoin ETF news to propel us out of what seems like an accumulation area over these past few weeks.
My stoplosses are around 6k and 5.8k right below supports and I may alter based on book activity. I also might push them up if we close below 6130 daily/weekly.
Yes I know there are a lot of lines here, just read the numbers on the right side... these are recent support and resistance lines or zones + fibs that have been in play for the past few weeks that have been working for me. I can add more if you'd like ;)
Good luck! I hope the bulls win this battle with aid from that bullish ETF news, but if they don't... make sure you are managing your risk properly with stops on all your alts and BTC.
This looks like an inverse head and shoulders pattern in play here on the daily chart. I gave that extra blue polygon for a margin of error. No pattern is exactly perfect, but I wanted to highlight the 6800 neckline/ major resistance here.
Luckily we shot back up above 6130 like just an hour before close yesterday to keep us in play. It looks like to me between the daily and the weekly if we close below 6130 things might start getting bad for any bullish predictions. So to keep this in play we need to keep daily and especially weekly candle bodies above 6130. From now till July 15th close for weekly.
I'm counting on this pattern to play out along with the spread of the Bitcoin ETF news to propel us out of what seems like an accumulation area over these past few weeks.
My stoplosses are around 6k and 5.8k right below supports and I may alter based on book activity. I also might push them up if we close below 6130 daily/weekly.
Yes I know there are a lot of lines here, just read the numbers on the right side... these are recent support and resistance lines or zones + fibs that have been in play for the past few weeks that have been working for me. I can add more if you'd like ;)
Good luck! I hope the bulls win this battle with aid from that bullish ETF news, but if they don't... make sure you are managing your risk properly with stops on all your alts and BTC.
