A potential BTC price action rH&S
When we look on a larger time-frame, foremost 1D, we can see more and more evidence that BTC moves with a channel, respecting the FIBO retracements. Also on a global scale we can see a reverses head and shoulder formation, that could lead to a short and rather rapid price explosion towards the uptrend.
the RSI 13 illustrates that BTC returned from overbought to a normal level, expecting to retest or maintain top upper channel from 50 RSI 13 above. Recharging for a larger move.
We also see that there is not much liquidity at higher price levels, hence the cohort of investors is not deciding to sale, but rather take profit and move some liqudity into the Altcoins, which pop-up.
On a larger time frame we see a massive resistance at 27.5-31.5k, indicated with a red rectangle .
The bitcoin seems to follow closely recovery from 2019 bottom, with a rapid uptake towards higher prices. Will this scenario play-out? This is a bit foreseeing but we see on the chart even more evidences for potential price speculation towards the uptrend.
Important to highlight is the analysis of social sentiment: a large cohort of investors yet believes that this is a suckers rally, hence they do not participate in the market, but their belief may be invalidated when breaking out 25.3 and maintaining this regime, pushing them to loss aversion due to missing the opportunity (also known as FOMO).
A confluence of:
- The rH&S, FIBO extension
- Massive volume resistance at arround 27-32k
- VPVR at around 27-32
- Potential resistance line draw from the 2021 Mai ATH, that has been respected
- On-chain analysis suggesting that the peak of the last bulllrun was in fact in Mai 2021
- On chain analysis, mainly aSOPR but also other parameters suggest a change in Investor's perception of the market towards the bull trend
- Historic fractal pattern from 2019 bottom that has been a black swan event too
- Golden Cross on 1D
- PRice action multiply respecting the 50% retraction
- MACD
- STOCH RSI (not shown in analysis)
This is surely a bet, but backed by several parameters that confluence.
Good luck with trading
the RSI 13 illustrates that BTC returned from overbought to a normal level, expecting to retest or maintain top upper channel from 50 RSI 13 above. Recharging for a larger move.
We also see that there is not much liquidity at higher price levels, hence the cohort of investors is not deciding to sale, but rather take profit and move some liqudity into the Altcoins, which pop-up.
On a larger time frame we see a massive resistance at 27.5-31.5k, indicated with a red rectangle .
The bitcoin seems to follow closely recovery from 2019 bottom, with a rapid uptake towards higher prices. Will this scenario play-out? This is a bit foreseeing but we see on the chart even more evidences for potential price speculation towards the uptrend.
Important to highlight is the analysis of social sentiment: a large cohort of investors yet believes that this is a suckers rally, hence they do not participate in the market, but their belief may be invalidated when breaking out 25.3 and maintaining this regime, pushing them to loss aversion due to missing the opportunity (also known as FOMO).
A confluence of:
- The rH&S, FIBO extension
- Massive volume resistance at arround 27-32k
- VPVR at around 27-32
- Potential resistance line draw from the 2021 Mai ATH, that has been respected
- On-chain analysis suggesting that the peak of the last bulllrun was in fact in Mai 2021
- On chain analysis, mainly aSOPR but also other parameters suggest a change in Investor's perception of the market towards the bull trend
- Historic fractal pattern from 2019 bottom that has been a black swan event too
- Golden Cross on 1D
- PRice action multiply respecting the 50% retraction
- MACD
- STOCH RSI (not shown in analysis)
This is surely a bet, but backed by several parameters that confluence.
Good luck with trading
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