BTC Potential H&S Play
As BTC was recently rejected from the 200 day SMA (~$28,000) as well as the 0.5 Fib level (of rally June 16-23), the potential for Head & Shoulders pattern is coming into play.
SPY
is also testing lower trendline of it's rising wedge ("recession news" likely coming) and could capitulate, leading to further pressure on BTC.
Just some Wine Wednesday speculation, but I wouldn't be surprised if we see another sharp leg down before the end of the year.
Long term bull, but "Uptober" might be a bulltrap.
SPY
is also testing lower trendline of it's rising wedge ("recession news" likely coming) and could capitulate, leading to further pressure on BTC.
Just some Wine Wednesday speculation, but I wouldn't be surprised if we see another sharp leg down before the end of the year.
Long term bull, but "Uptober" might be a bulltrap.
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