Bitcoin looks to be forming a H&S pattern. This would be confirmed if the current low volume pump can't get above ~$5450.
From how i see it, the likely scenarios are:
1. Head and Shoulders (most likely)
- Pump to 5450 where the price is rejected, forming the right shoulder
- Dump back to test 200MA as support (around $5k)
- Strong bounce with bulls taking up to test the psychological $6k barrier
2. Bulls in control
- Pump to 5450 where the the bulls push price higher, to test the recent high of $56xx.
- FOMO pump to $6k psychological resistance
- dump back to test support at $5400 (then 200MA if that doesn't hold)
The fact that Alts have been pumping makes me feel like a BTC pump is coming soon. I have a buy at $4950 in case the H&S plays out.
Good luck
(This is not trading advice)
From how i see it, the likely scenarios are:
1. Head and Shoulders (most likely)
- Pump to 5450 where the price is rejected, forming the right shoulder
- Dump back to test 200MA as support (around $5k)
- Strong bounce with bulls taking up to test the psychological $6k barrier
2. Bulls in control
- Pump to 5450 where the the bulls push price higher, to test the recent high of $56xx.
- FOMO pump to $6k psychological resistance
- dump back to test support at $5400 (then 200MA if that doesn't hold)
The fact that Alts have been pumping makes me feel like a BTC pump is coming soon. I have a buy at $4950 in case the H&S plays out.
Good luck
(This is not trading advice)
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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.