BTCUSD - Retest of 23k is suggested by the chart
Dear fellows!
First of all, let me make this clear: I am not bearish on BTC. I just wanted to point on something interesting in the price action history on the chart. Back in March 2020, after a rather obvious head and shoulders formation price dropped over 60% (I do not care why just as I do not care about Musk tweets and other stuff but the chart). We could see something similar on the chart more recently; a tad wacky, double headed H&S forming between February and May 2021 followed by a large sell off. Back in March 2020, after the huge massacre the current bull market begun. If price action mirrors the extent of that move, a retest of 23k is a likely scenario and an attractive zone either for swing trades or portfolio adds. There is some minor support at 23k too from December 2020. Though, at those levels a retest of the previous ATH of 19k is also in the cards which is a major and psychologically/technically significant support level. Those who think that such price levels are difficult to imagine, let me remind you that BTC made an 11k move on a single day just this week, so nothing is completely off the table in this market.
Happy mining and trading everyone!
First of all, let me make this clear: I am not bearish on BTC. I just wanted to point on something interesting in the price action history on the chart. Back in March 2020, after a rather obvious head and shoulders formation price dropped over 60% (I do not care why just as I do not care about Musk tweets and other stuff but the chart). We could see something similar on the chart more recently; a tad wacky, double headed H&S forming between February and May 2021 followed by a large sell off. Back in March 2020, after the huge massacre the current bull market begun. If price action mirrors the extent of that move, a retest of 23k is a likely scenario and an attractive zone either for swing trades or portfolio adds. There is some minor support at 23k too from December 2020. Though, at those levels a retest of the previous ATH of 19k is also in the cards which is a major and psychologically/technically significant support level. Those who think that such price levels are difficult to imagine, let me remind you that BTC made an 11k move on a single day just this week, so nothing is completely off the table in this market.
Happy mining and trading everyone!
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