Daily timeframe is completing a bullish inverted-H&S. I anticipate a retest of the 47478.8 level before a potential retrace below 40000.0 levels. Bigger timeframe confluence is also influencing bullish momentum (short term).
Trade active
Anticipating sideways movement entering the weekend. Possibly setting up a retrace for next week, setting up the monthly to finish strong (bullish)
Trade closed: target reached
Price is currently retesting the 47478.8 level. We weren't given any opportunities to scale in on the move. Highly anticipating some form of transition to the downside at this level. We'll continue to follow to see if price action is signaling a reversal.
Note
BTC giving reversal signals on the 4HR. Could see a pullback begin for the 4HR timeframe.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.