BTC looks like it wants to test $18,700 soon?
Traders,
BTC has formed a bullish inverse H&S pattern. However, during this scandalous bear market, one bull indicator after another has failed. Therefore, I don't place as much value on T.A. as I would during a healthy, unmanipulated, market. This is not that and we have to always be prepared for another "event" like a Tether audit or other.
Regardless, the chart here reflects what I see occurring in either case, bull or bear.
If the inverse H&S neckline is broken to the upside, I expect $18,700 to be tested as resistance.
If the inverse H&S neckline is not broken to the upside, we will probably retest recent lows and remain rangebound.
Should another bearish event occur like a Tether audit, etc., we can fully expect that lowest support
at $15750 to also fail and down we'll go to test our Support Zone (top of long-term green triangle) which would end up being between 10-12k
Best,
Stew
BTC has formed a bullish inverse H&S pattern. However, during this scandalous bear market, one bull indicator after another has failed. Therefore, I don't place as much value on T.A. as I would during a healthy, unmanipulated, market. This is not that and we have to always be prepared for another "event" like a Tether audit or other.
Regardless, the chart here reflects what I see occurring in either case, bull or bear.
If the inverse H&S neckline is broken to the upside, I expect $18,700 to be tested as resistance.
If the inverse H&S neckline is not broken to the upside, we will probably retest recent lows and remain rangebound.
Should another bearish event occur like a Tether audit, etc., we can fully expect that lowest support
at $15750 to also fail and down we'll go to test our Support Zone (top of long-term green triangle) which would end up being between 10-12k
Best,
Stew
Stewdamus Trades -
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