The_Arena_Trader

The_Arena_Trader

Okay, anything can play out, but right now these are the two big possibilities. Intraday trades could have a lot of wind at their back if one of these high timeframe formations resolve. May the best chart pattern win.

The_Arena_Trader

I'm not a crypto hater by any means, and I hope this thing remains bullish all year and hits $100K. However, hopes and dreams are not as important as what the chart reveals. Nothing is more important than the chart. This chart is telling me to pay attention to the current Bitcoin correction.

The_Arena_Trader

The pattern resembles a cup and handle. It isn't perfect but it can be traded as a C&H just the same. If you drop down to intraday timeframes, you'll see a smaller cup and handle on the 4HR. This pair has a high correlation to SPX, and major turns and corrections in the pair have often led the turns in SPX since the COVID bottom.

The_Arena_Trader

The measured move of a head and shoulders pattern breaking the neckline may or may not happen here. That would put price around 1.57000. But the prospect of the measured move accompanied by the recent history of price action to rise and fall quickly through the current level is enough to get my attention for a lower timeframe trade opportunity. Anything to stack...