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...
Are you still worried about the trend ??
Are you worried on deciding whether it's a Bull Market or Bear Market's Bull Trap ??
This post is just give you peace with a simple line, called "Bitcoin Life Saver Line".
As long as BTC price action stays above this line, we are in a Bull Market.
When the price action goes below this line, then it...
Sorry for making it little complex.. but its simple trend lines.
Once we touch 10800 we will long and test 12 k but in day wise chart and 4 hr chart we still have room for correction.
If correction does not take place then manipulation is playing game.
use tight stop loss as it go high.
Its an idea not any advise.