BTC TO $6.3K THIS WEEK?!?
After BTC's dump of roughly 8% between 04/09/2020 and 04/10/2020, we are currently trading inside of a rather quiet range. Volume is decreasing while bulls are trying to push prices higher, and there are several bearish technical indicators on the weekly, daily, and intraday charts. As we can see on the attached chart, there is a possible head and shoulders forming on the 4hr time frame. If price action falls below the neck line of our formation, I wouldn't be surprised if we saw the price fall 6%-8% before possibly seeing a bounce. Utilizing the fibonacci extension/retracement tool, we can see that the .5 fib level is strongly correlated to zones of historical support and resistance. I am confident that going short is the move here. Once targets are hit, I will be looking for opportunities to possibly hop on the train ride up to 10k (or maybe further down). Thank you for taking the time to read my analysis, and I hope I was able to provide you with some useful insight. If this analysis helped you out, please consider liking this post and giving me a follow. I really enjoy TA and posting trade calls, as well as chatting with other traders to offer advice or just share ideas! (:
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