This is what I think is going to happen. Due to the positive sentiment in the crypto market I believe the bearmarket is almost done.
1. We will test the downward trendline at about 7500 USD because of the forming H&S shoulder pattern on the 4h chart.
2. We will form a cup and handle. The handle at the stong resistance at 11700 dollar. (good idea to take some profit here if the cup and handle would fail)
3. Hello Bullmarket!
Sorry if my english is not perfect. You get the basic idea...
1. We will test the downward trendline at about 7500 USD because of the forming H&S shoulder pattern on the 4h chart.
2. We will form a cup and handle. The handle at the stong resistance at 11700 dollar. (good idea to take some profit here if the cup and handle would fail)
3. Hello Bullmarket!
Sorry if my english is not perfect. You get the basic idea...
Note
Target of 7500 was obviously not reached. We broke out of the H&S and are now aiming voor 9k. A pullback is expected there. Most altcoins are in the overbought region on the rsi and a rectracement would be very healty. I think 7.5k is in still play and would offer a nice buy oppurtunity for BTC as well as altcoins. Don't buy into the FOMO now. You will only get burned. Search for nice entrypoints around 50 on the RSI.
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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.