Inverse H&S On Lower TF & Support @ 47k
BTC may probabilistically show strength over the weekend as there's an Inverse Head and Shoulders Pattern forming.
I think *mild* upside is possible, with a few more days of sideways action before the next leg up. The fact that
BTC is holding up so well during a large sell off in the equity markets, shows the strength this asset class has during these uncertain times. The sell off in the equity market is a reaction to Jerome Powell's talk and rising interest rates on the horizon, which is bad for those seeking returns in the equity markets. Quite the curve-ball for stocks. As you can see, the bollinger band basis (which is also the 21 EMA) is acting as resistance here. BTC needs to get above this. As with trading, everything is just *probabilities* and we do our best with the data we have to determine the direction of an asset.
Upside Targets would be:
52k
54k
58k
62k-63k
If support fails to hold:
44k
42k
40k
I think *mild* upside is possible, with a few more days of sideways action before the next leg up. The fact that
BTC is holding up so well during a large sell off in the equity markets, shows the strength this asset class has during these uncertain times. The sell off in the equity market is a reaction to Jerome Powell's talk and rising interest rates on the horizon, which is bad for those seeking returns in the equity markets. Quite the curve-ball for stocks. As you can see, the bollinger band basis (which is also the 21 EMA) is acting as resistance here. BTC needs to get above this. As with trading, everything is just *probabilities* and we do our best with the data we have to determine the direction of an asset.Upside Targets would be:
52k
54k
58k
62k-63k
If support fails to hold:
44k
42k
40k
*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
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