Head and shoulders in the making!?! XBTUSD
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KEY POINT's
21 DAILY MOVING AVERAGE = 6770 if bitcoin breaks under this level it would then act as a resistance to break back above
which would signal the weakening of btc and from there would be looking to see a move down to 6540's to potentially
double bottom which will likely not hold resulting in a panic sell off to SUB 6k range
BITCOIN HALVING = 27 days
WEAKENING BULLISH MOMENTUM
BEARISH WEEKLY CANDLE
BEAR FLAG = visible on the 4 hour time frame
If we do break down i would expect a bounce around the 5800's level with a RELIEF RALLY to follow up to 6100's and then down
from there i believe it is very likely we make a move back down to 5k or even 4k's prior to halving event or after a lot of levels that will be
revisited.
KEY POINT's
21 DAILY MOVING AVERAGE = 6770 if bitcoin breaks under this level it would then act as a resistance to break back above
which would signal the weakening of btc and from there would be looking to see a move down to 6540's to potentially
double bottom which will likely not hold resulting in a panic sell off to SUB 6k range
BITCOIN HALVING = 27 days
WEAKENING BULLISH MOMENTUM
BEARISH WEEKLY CANDLE
BEAR FLAG = visible on the 4 hour time frame
If we do break down i would expect a bounce around the 5800's level with a RELIEF RALLY to follow up to 6100's and then down
from there i believe it is very likely we make a move back down to 5k or even 4k's prior to halving event or after a lot of levels that will be
revisited.
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