Another attempt at Log downtrend line for Bitcoin
BTCUSD is setting up for another attempt at the log downtrend line.
So far this trendline has rejected price 4x and there have been many a bull rekt trying to catch this breakout, so I say the following with a huge hint of caution.
Right now BTC is setting up an inverse head & shoulders pattern with consolidation right below the log downtrend line. If BTC successfully attacks the line and passes it, it could trigger a short squeeze up to the price target of 9.8k
Disclosure: Currently long LTC from 117, long BTC from 6.8k, long ETH from 430
So far this trendline has rejected price 4x and there have been many a bull rekt trying to catch this breakout, so I say the following with a huge hint of caution.
Right now BTC is setting up an inverse head & shoulders pattern with consolidation right below the log downtrend line. If BTC successfully attacks the line and passes it, it could trigger a short squeeze up to the price target of 9.8k
Disclosure: Currently long LTC from 117, long BTC from 6.8k, long ETH from 430
Commento:
Getting very close to that trendline. Decision time! Up or down
Commento:
And we broke up!!
Commento:
Breakout confirmed. Now comes the backtest of the log trendline. Two possible scenarios shown on the chart
