BTC @crucial pt; Inv. H&S still valid; BO of triangle imminent
BTC took 66 days to make the Head & 22/23days to make the shoulders. After completing H&S, went down & overshoot the neckline. However, the Inv H&S is still valid as long as BTC does not break below
the violet triangle. BTC now resting at the lower edge of triangle. If it bounced upward, the measured move of the H&S will still be in play.(see chart@59744)
However, there will still be massive resistance at the 49k to 52k zone near the PITCHFORK MEDIAN. BTC will try to hold the red projected dma 200 line.
Also some take profits may occur at the 61.8 FIBO zone @55400. (see chart)
it will be very bearish if BTC breaks below the triangle, which will INVALIDATE the Inv. H&S. It is now resting exactly on a very thin Ichimuko cloud which offers very little support. (now barely holding with no significant buying)
BO below triangle may see BTC retesting previous 37k, 33k to 34k lows or even back to the ultimate low of 28840. (Wave IV may be an Expanded Flat endiing near weekly wma150)
If equities continues downward correction to the end of this week, BTC may also be affected by the risk-off sentiment
not trading advice
the violet triangle. BTC now resting at the lower edge of triangle. If it bounced upward, the measured move of the H&S will still be in play.(see chart@59744)
However, there will still be massive resistance at the 49k to 52k zone near the PITCHFORK MEDIAN. BTC will try to hold the red projected dma 200 line.
Also some take profits may occur at the 61.8 FIBO zone @55400. (see chart)
it will be very bearish if BTC breaks below the triangle, which will INVALIDATE the Inv. H&S. It is now resting exactly on a very thin Ichimuko cloud which offers very little support. (now barely holding with no significant buying)
BO below triangle may see BTC retesting previous 37k, 33k to 34k lows or even back to the ultimate low of 28840. (Wave IV may be an Expanded Flat endiing near weekly wma150)
If equities continues downward correction to the end of this week, BTC may also be affected by the risk-off sentiment
not trading advice
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