Welcome everyone to the weekend.
We have been waiting on what looks an awful lot like a inverse H&S to play out. We seem to have experienced difficulty breaking out of $6500.
These shapes are rarely perfect - and with the bearish belief that we will go further down in price - many are sitting on the sidelines waiting for some sort of sign.
The pattern still appears to be a very real play despite the sideways momentum.
This pattern seems ready to break at any time - we will continue to move sideways until there is some sort of catalyst.
$7200 in the next few days is the likely possibility.
Will we see anymore "buy" spots in the meantime that we haven't seen yet? I don't think there is any evidence of us moving lower than the "head". I recommend to everyone who invests in BTC to hold back a cash reserve. If you look at BTC over the years - todays prices are a complete bargain - by all means buy up positions at this level as we likely wont see it again until the next "wave" - or maybe never again. Its buy time big time - but still hold some back!
That said - weekends are unpredictable. The market appears ready to turn around - but some quick manipulation by the whales could always break the pattern and put us $1000 higher or lower in an hour. If its lower - make sure you have some cash to buy BTC - because regardless of what happens over the next few days - our next big challenge is 7200 and up from there.
**I am a full-time trader. If you find my charts and analysis helpful let me know by clicking Like, Follow and Comment**
We have been waiting on what looks an awful lot like a inverse H&S to play out. We seem to have experienced difficulty breaking out of $6500.
These shapes are rarely perfect - and with the bearish belief that we will go further down in price - many are sitting on the sidelines waiting for some sort of sign.
The pattern still appears to be a very real play despite the sideways momentum.
This pattern seems ready to break at any time - we will continue to move sideways until there is some sort of catalyst.
$7200 in the next few days is the likely possibility.
Will we see anymore "buy" spots in the meantime that we haven't seen yet? I don't think there is any evidence of us moving lower than the "head". I recommend to everyone who invests in BTC to hold back a cash reserve. If you look at BTC over the years - todays prices are a complete bargain - by all means buy up positions at this level as we likely wont see it again until the next "wave" - or maybe never again. Its buy time big time - but still hold some back!
That said - weekends are unpredictable. The market appears ready to turn around - but some quick manipulation by the whales could always break the pattern and put us $1000 higher or lower in an hour. If its lower - make sure you have some cash to buy BTC - because regardless of what happens over the next few days - our next big challenge is 7200 and up from there.
**I am a full-time trader. If you find my charts and analysis helpful let me know by clicking Like, Follow and Comment**
You can see the formation in the yellow triangle that looks a little like a "W" - this indicates that the price should break above the green downtrend channel line and into a more bullish uptrend. If the chart plays out sooner rather than later - I predict we will see an price increase increase of 30-50% before another corrective cycle. It looks like BTC will be in the green for the foreseeable future!