Bitcoin has reached the key area as was predicted in NOV 2. Now there is a higher probability for a bullish move. If the level is not held then it may fall to the second level of support and then move back up.
Bitcoin sideways movement for almost a week.
Are you still worried on deciding whether it's the uptrend or the downtrend ??
This post uses some simple technical analysis with the tool "Gann Fan".
When the price action takes sideways movement for a while, and didn't respect the drawn trend lines, use Gann Fan, which will show what's...
BTC is consolidating in a structure which looks like a classic Adam and Eve pattern.
I expect a good bullish move if bulls are able to maintain this consolidation above 7700 levels.
Will update the chart in my free channel www.t.me as the structure develops in coming days.
one thing I've noticed is that btc doesn't care the rule of where should an H&S form and if it's valid or not. it will work out certainly leaving you fool 85% of the times. if you can recognize it on time you can have the real advantage.
Reason and Confluences:
1. Bullish Rsi divergence.
2. There's inverse H&S **BUT it still not confirmed.
I'm seeing elliott wave wxy pattern but having no clue since I'm still learning elliott wave I can't able elaborate much better. another point is that on the monthly time frame and the weekly time frame there's a strong selling pressure as it goes with the long/short sentiments which is still 80% long and 20% short intact. since the month of jun...