Preface: I'm still bullish on the crypto market as a whole. I still think it's likely we're going to make new highs in the near future. This is a more short-term oriented trade and will only be activated under certain conditions.
In this analysis I want to shed some light on a pattern that one of my commenters recently informed me about. Although it's not the best H&S pattern ever, it's still a valid pattern in my view, especially with the recent reversal from 68.000$.
I'm going to wait for BTC to pierce through the dotted yellow support and retest the 61.500 area before considering a short entry.
Target placed at 51.000, but will likely take partial profits around 57k.
This reversal is in line with another analysis I made a couple of weeks back. BTC has entered a major area of resistance and could see a decent correction before moving back up.
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Entry has not been hit yet. Bitcoin seeing some bullish short-term price action as we speak. A move towards 67k will likely invalidate this analysis, but that's fine. We are patient.
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Trade has likely been invalidated. No entry has been made, nothing lost.
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TRADE HAS BEEN CANCELLED. NO ENTRY HAS BEEN MADE. NO MONEY LOST. BULLISH TRADE STILL ACTIVE:
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No entry made because entry has NEVER been hit, see 3rd paragraph.
"I'm going to wait for BTC to pierce through the dotted yellow support and retest the 61.500 area before considering a short entry."