Looking like further fall in Bitcoin we can earn well from it in this fall channel breakout and after that its completing its target of achieving previous low
BTC is giving a very clear H&S pattern on the 1D timeframe indicating a possible short trade to 12K levels, if this is accurate BTC price could dwindle by almost 55%
All buying seems to be done it seems.Bitcoin has broken 21Week MA and 50Day MA .Although its at 200DMA will give it support and a bear rally till 48000.This will give existing holders oppurtinity to sell .
In my trading days usually a candle stick usually has two wicks, one for the high and one for the low. This week is a perfect set up where the lowest part of the candle is also the open of the candle. That means the week opened up the bottom wick didn't form and bsv went up right away. If 90% of the time both sides of the candle has a wick, then this is a pretty...
An inverted head and should pattern is being formed while right shoulder still in play. If it forms out well the we can expect healthy retracement upto 6300-6200 levels and then if the Neckline holds then we expect a Bullish sentiment.
I feel that bitcoin rally has run out of steam, this seems to be the end of a 5th impulse wave of elliot and the 1st reactionary wave seems to have begun!
I feel the bitcoin will test target 1 of 16500 , target 2 of 14000 and the stop loss for the same would ideally be the rally high, but i feel a close 19300 would also suffice!
