Possible inverse head and shoulder trap
Updated
I've got back in again at $6150. Think there could be an inverse head and shoulder trap set up for whales to offload whilst others FOMO.
RSI is also oversold with some hidden bullish divergence and volume has dropped off now. There is also some similarity to a previous area.
Target is around $6500/$6600.
RSI is also oversold with some hidden bullish divergence and volume has dropped off now. There is also some similarity to a previous area.
Target is around $6500/$6600.
Note
So we went up but not as much as I thought on the first push. It would have been great to break $6300 as well. There is good support at $6200 but the resistance at $6300 was to strong.I still think $6300 will break but we might only go up to about $6450 max because the bulls will probably run out of steam by then. So expect a drop from there to start making a triangle or descending wedge.
Note
BTC just got rejected hard from $6300. So it's unlikely to make another attempt soon. I cashed out with a small profit after we got rejected and broke below $6200.Think it's better to wait for another trading opportunity as a major drop to the mid 5000's is possible. There is small chance of another bounce from $6150 to $6300 but it's not worth the risk in my opinion.
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