BTC 4HR - Update with 'W' formations
BTC 4HR showing downtrend - with the 'W' patterns, you can see starting from May 19 with the big dip, we are now at the last tip of a second 'W' formation.
We just saw the tip hitting around 36.5K and now is going back down, so this can either be a small downward retracement or a major one. If small retracement, then it will bounce back up and could hit 37k -37.5k before coming back down to signify a third 'W' formation.
Since we are in a downtrend, we can look to see a legit retracement to be around 29 - 28K. I do not see BTC breaking out of this downward pattern just yet because there are no real positive news that can justify for such a breakout and have BTC soaring back over 40K and into the 50Ks. What we see in price fluctuations are mostly leveraged tradings by whales and institutions, if it is coming up quickly, it will also come down quickly. Don't be fooled and don't give into FOMO. Use logic, TA, common sense.
NOT FINANCIAL ADVICE.
We just saw the tip hitting around 36.5K and now is going back down, so this can either be a small downward retracement or a major one. If small retracement, then it will bounce back up and could hit 37k -37.5k before coming back down to signify a third 'W' formation.
Since we are in a downtrend, we can look to see a legit retracement to be around 29 - 28K. I do not see BTC breaking out of this downward pattern just yet because there are no real positive news that can justify for such a breakout and have BTC soaring back over 40K and into the 50Ks. What we see in price fluctuations are mostly leveraged tradings by whales and institutions, if it is coming up quickly, it will also come down quickly. Don't be fooled and don't give into FOMO. Use logic, TA, common sense.
NOT FINANCIAL ADVICE.
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