Bitcoin H&S trap, Bearish Wedge
Going to keep this one short, so the neckline broke of the big H&S, got quite the first drop and bounce at the moment. In my channel i gave a warning around the 7200/300 about being more bearish than i assumed the day before. There was something going on which I explained in that update as well. Anyway, i gave a target around 6500 for a potential low (target of the triangle). It was quite difficult to judge upfront which target would get reached so that we just had to wait for.
I was quite bullish past week, seeing target around 7800/8000, but i withdrew that target because i saw the bearish wedge in the making and that worried me a lot, (there were a few more factors but i explained those as well). Eventually we did hit the 7800/8000 range but it all continued in withing this bearish wedge.
Bigger picture, when looking at my previous analysis, the chart, we have done the first retest of the neckline. I will try to make a new analysis coming days to show what i think might happen coming weeks.
For now, this bearish wedge gives 3 options:
Red line: Simply dumping after breaking the wedge. For this one, we usually see a more agressive first move and high volume. Not really seen that, so less likely.
Blue line, as long as it stays above thet green around 7400, big chance we might get a retest of the 7700/7900 zone. Normally it should stay below the previous high, but with crypto we sometimes wick a little above it as well. This option is still very likely to me, also because it's weekend.
Green line: This bearish wedge is a trap, normally for this we should see price move sideways coming 2/3 days or so, between 7700/7400, if that happens, than we could make another rally and test the 8200 zone.
It's weekend with Saturday being the worst day of the week for manipulation, so there will be noise most likely. Think Monday we prob see the real direction.
Previous analysis:
I was quite bullish past week, seeing target around 7800/8000, but i withdrew that target because i saw the bearish wedge in the making and that worried me a lot, (there were a few more factors but i explained those as well). Eventually we did hit the 7800/8000 range but it all continued in withing this bearish wedge.
Bigger picture, when looking at my previous analysis, the chart, we have done the first retest of the neckline. I will try to make a new analysis coming days to show what i think might happen coming weeks.
For now, this bearish wedge gives 3 options:
Red line: Simply dumping after breaking the wedge. For this one, we usually see a more agressive first move and high volume. Not really seen that, so less likely.
Blue line, as long as it stays above thet green around 7400, big chance we might get a retest of the 7700/7900 zone. Normally it should stay below the previous high, but with crypto we sometimes wick a little above it as well. This option is still very likely to me, also because it's weekend.
Green line: This bearish wedge is a trap, normally for this we should see price move sideways coming 2/3 days or so, between 7700/7400, if that happens, than we could make another rally and test the 8200 zone.
It's weekend with Saturday being the worst day of the week for manipulation, so there will be noise most likely. Think Monday we prob see the real direction.
Previous analysis:
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