Updating my previous post. I'm short @ $24,985. Looks like a head and shoulders might be forming on the shorter term charts. If we break the neckline, the price objective is $24,465. I have an order to cover half my short in front of that at $24,550 and will let the rest run to see if we get to the bottom of the wedge.
BTCUSD forming a rising wedge pattern. This is a bearish pattern that indicates that the rally is starting to lose steam. The pattern is pretty in-line with how I see market sentiment right now. Everyone is hoping and waiting for a correction to the previous ATH of ~$20,000. As long as that is the case, I can see the pain trade being a slow and steady grind...
Neckline coming in around $31,300. It's still a bit away, but based on the hourly chart, we should rally to at least the neckline. If we break $31,300, it's off to the races. $56,470 would be price objective for the H&S pattern, but we would at least get to the previous ATH of $43,937.
BTCUSDT undergoing a typical A-B-C Elliott Wave correction after breaking out of a 3-year range. Expecting the C-wave of the correction phase to end around either 22150 (equal measure of A wave down) or 22036 (38.2% retracement of last impulsive move). If those don't hold, expect the C wave to extend to 21,464 (50% retrace) or 20,082.
Given the massive amount of...
