Giant Reverse H&S (correction needed)
In the short term, I anticipate a correction in this bull market to maintain healthy market dynamics. It’s likely that bulls will take profits around the 95K zone and look to reenter at the 75K-80K range. A 20% correction in Bitcoin during a bull run is not unusual and has occurred historically. Given the Reverse Head and Shoulders (H&S) pattern currently in play, it would be reasonable to expect a retest of support in the 75K-80K range before resuming the upward trajectory toward the 130K target.
Trade active
My thoughts ATM. A consolidation period is still in play for BTC. I believe price action is heavily influenced by institutional bullishness, whales buying BTC, and less retail sentiment.
I feel there are a few possibilities that play out which all are incredibly bullish in the mid-term time frame. Common TA would expect a pullback to the 75k-80k range this is a weekly chart so it can take a few weeks for it to happen. But we can trade sideways for a few weeks. Or we can slowly flag down to the 80k range. The longer we hold a price the MA moves up becoming our support. This depends on which time frames you use but in the grand design of lagging indicators, they eventually catch up if price action remains sideways.
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.
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.