#Bitcoin, identifying the current dominant Frantal
Updated
This looks like the current dominant pattern on Bitcoin in this market..
1.Create swing high resistance (Buying Climax) (Red Line)
2. Break high for liquidity (Bull Trap) (Pierce Above Red Line)
3. Break recent swing low, and retest previous support area to confirm resistance before heading downwards. (Purple Line)
Basically this structure creates a Barr Top, Bump & Run Top Pattern.
Click the below image, read through my idea linked below for more information on how the Barr Top pattern works.
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It is also important to note that #BTC looks similar to a Head & Shoulders Top unless it starts to move upwards from here.
We need to see #BTC get back above the 42,000 USD price area with strong bullish momentum (marked as a red box), otherwise the #Crypto markets as a whole are in danger of further selling activity.
This is going to be a super important week for the #Cryptocurrency markets and the traditional markets also.
1.Create swing high resistance (Buying Climax) (Red Line)
2. Break high for liquidity (Bull Trap) (Pierce Above Red Line)
3. Break recent swing low, and retest previous support area to confirm resistance before heading downwards. (Purple Line)
Basically this structure creates a Barr Top, Bump & Run Top Pattern.
Click the below image, read through my idea linked below for more information on how the Barr Top pattern works.
------------------------------------------------------------------------------
It is also important to note that #BTC looks similar to a Head & Shoulders Top unless it starts to move upwards from here.
We need to see #BTC get back above the 42,000 USD price area with strong bullish momentum (marked as a red box), otherwise the #Crypto markets as a whole are in danger of further selling activity.
This is going to be a super important week for the #Cryptocurrency markets and the traditional markets also.
Note
If we lose 34600 we go to 30000 to test the support area.Note
Note
This idea did not play as expected so far, we had a bit of downside then sideways again. Above 42k this idea is probably not valid anymore.
Note
See my new idea here:Note
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