BTC heading to $6k (two scenarios)
Bitcoin looks to be forming a H&S pattern. This would be confirmed if the current low volume pump can't get above ~$5450.
From how i see it, the likely scenarios are:
1. Head and Shoulders (most likely)
- Pump to 5450 where the price is rejected, forming the right shoulder
- Dump back to test 200MA as support (around 5k)
- Strong bounce with bulls taking up to test the psychological 6k barrier
2. Bulls in control
- Pump to 5450 where the the bulls push price higher, to test the recent high of 56xx.
- FOMO pump to 6k psychological resistance
- dump back to test support at $5400 (then 200MA if that doesn't hold)
The fact that Alts have been pumping makes me feel like a BTC pump is coming soon. I have a buy at $4950 in case the H&S plays out.
Good luck
(This is not trading advice)
From how i see it, the likely scenarios are:
1. Head and Shoulders (most likely)
- Pump to 5450 where the price is rejected, forming the right shoulder
- Dump back to test 200MA as support (around 5k)
- Strong bounce with bulls taking up to test the psychological 6k barrier
2. Bulls in control
- Pump to 5450 where the the bulls push price higher, to test the recent high of 56xx.
- FOMO pump to 6k psychological resistance
- dump back to test support at $5400 (then 200MA if that doesn't hold)
The fact that Alts have been pumping makes me feel like a BTC pump is coming soon. I have a buy at $4950 in case the H&S plays out.
Good luck
(This is not trading advice)
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