Head and shoulders in the making!?! XBTUSD
Hello traders, If you find this analysis worth value to you give it a LIKE and make sure to SUBSCRIBE
KEY POINT's
21 DAILY MOVING AVERAGE = 6770 if bitcoin breaks under this level it would then act as a resistance to break back above
which would signal the weakening of btc and from there would be looking to see a move down to 6540's to potentially
double bottom which will likely not hold resulting in a panic sell off to SUB 6k range
BITCOIN HALVING = 27 days
WEAKENING BULLISH MOMENTUM
BEARISH WEEKLY CANDLE
BEAR FLAG = visible on the 4 hour time frame
If we do break down i would expect a bounce around the 5800's level with a RELIEF RALLY to follow up to 6100's and then down
from there i believe it is very likely we make a move back down to 5k or even 4k's prior to halving event or after a lot of levels that will be
revisited.
KEY POINT's
21 DAILY MOVING AVERAGE = 6770 if bitcoin breaks under this level it would then act as a resistance to break back above
which would signal the weakening of btc and from there would be looking to see a move down to 6540's to potentially
double bottom which will likely not hold resulting in a panic sell off to SUB 6k range
BITCOIN HALVING = 27 days
WEAKENING BULLISH MOMENTUM
BEARISH WEEKLY CANDLE
BEAR FLAG = visible on the 4 hour time frame
If we do break down i would expect a bounce around the 5800's level with a RELIEF RALLY to follow up to 6100's and then down
from there i believe it is very likely we make a move back down to 5k or even 4k's prior to halving event or after a lot of levels that will be
revisited.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.