BTC potential IH$S - If 60k bounce: 71k target
BINANCE:BTCUSDT 4H Analysis
NOT FINANCIAL ADVICE
TL;DR BTC continues moving downwards towards the 60k mark. A bounce there would validate the IH&S pattern and open the way for a W3 to 71k.
We have a lot of confluence:
On top of being the right shoulder of the IH&S pattern, a retrace to 60k would be 0.618 fib of the last leg up
We are seeing some support from the 50VWMA (yellow), very close to the 60k mark (currently 60.7k)
TD Sequential just printed a perfect Buy Setup (red M9), indicating a potential reversal. You can see on the chart how accurate its previous signals have been
RSI is nearly oversold (currently ~35)
Both the MACD and its signal line are in the negative. Once we have a crossover, the further below 0 it happens, the stronger the reversal confirmation will be
