BTC - 7 days later BTC is still in the same spot -
A look at the head and shoulders setup below
shows BTC is still at the same spot and has now formed an Adam and EVE.
The Adam and EVE setup can play out as a double top so a close below 19789 is concerning as the target will be 18465.
So whats the current hold up?
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A peek at the weekly chart shows BTC is currently stuck below
the MA200 and the EMA300 which are acting as strong resistance
From the looks of it BTC has also been rejected by the EMA300 and is trying to regain its composure.
shows BTC is still at the same spot and has now formed an Adam and EVE.
So whats the current hold up?
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A peek at the weekly chart shows BTC is currently stuck below
the MA200 and the EMA300 which are acting as strong resistance
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A look closer also shows the MA20O(green line) and the EMA100 (white line) have also crossed bearishly on the weekly
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Throw in some 3AC, Coinflex and Celcius liquidity issues as well as the FEDS Quantitative Tightening and its best to proceed with caution currently in the crypto market.
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Is there any hope ?
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Switching to the 4 hour time frame shows BTC has also formed a falling wedge and if BTC is able to remain above the top edge of the wedge it may be able to reach the 24074 area.
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Switching to the 4 hour time frame shows BTC has also formed a falling wedge and if BTC is able to remain above the top edge of the wedge it may be able to reach the 24074 area.
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Another good sign will be a close above the weekly EMA300 at 21800,
..... if instead BTC closes this week below the EMA200 at 21000 its probably going to move lower to the 17/18k area.
..... if instead BTC closes this week below the EMA200 at 21000 its probably going to move lower to the 17/18k area.