BTC has been ranging on the daily but on the 4H it seems to be forming an H&S pattern which is confirmed by the volume profile. A break below 6430 will confirm the pattern and will onset a downtrend. Further the RSI seems to show bearish divergence on the 4H.
If the price action breaks above 6700, this pattern would be invalidated. Therefore, a little patience is ...
We might see a head and shoulder form because of resistance at 6700 according to volume profile. Then we might see a push back to previous support level and then bounce there till 7600 where most of the volume is located.
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.
price so far has moved within these points.
A close above/below these support/resistance points would mean price movement to that particular direction.
Yellow = Weekly
White = Daily
Blue = Hourly
Higher timeframe shows better price movement.
We have invalidated wave 4 and 3 and we are targeting wave 2.
targets bounce area is green box (3000-4000) by EOY
Grey line would offer some temporary bounce to add more to the shorts
Rising wedge has ended like it should,We had our shorts filled from 6800 and above. Its Now resting on support line. We may expect a bounce soon.
I would be shorting the bounce.
may be testing 7409 support then bounce back some support at 7518. Need to break resistance 7800 for trend reversal
only trade with 10-25% of your account balance
watch RSI Carefully.
the pink and the grey projections are a part of extreme bearish harmonic impulse
The decision point will talk which pathway this will follow..
if the decision point breaks with the breach of 1.618 level then the median line of the pitchfork is going to price magnet the fall..As a reference, i have taken the pi number to be the bottom... if the correct bounce ...
