Rebound from Fall
Bitcoin had a rather large fall and it's easy to be bearish right now, but I see a pattern that lends me to believe we are going to get a bit of bullish action in the immediate future. A inverse H&S has broken its neckline with a target all the way up at around 40k. I'm not sure we'll get all the way to 40k, but I think a realistic target is in the range of 38k - 39k. We are above the 1 hour EMA again, and the only EMA above us is the 4 hour EMA.
It is also possible to expect a "return to normal" phase after a big drop like this, which makes me think we are likely to go a bit higher before dropping further. The alternative view is that we didn't have a large enough drop to break the upwards momentum. At the moment, I'm back to feeling a bit bullish!
It is also possible to expect a "return to normal" phase after a big drop like this, which makes me think we are likely to go a bit higher before dropping further. The alternative view is that we didn't have a large enough drop to break the upwards momentum. At the moment, I'm back to feeling a bit bullish!
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