Double top, major resistance, and inverse H&S
Once again, Bitcoin takes us on a roller coaster of mixed signals. In this amazing uptrend, the bullish sentiment will keep building up the longer price remains close to 48-50k resistance level.
On the daily time frame, an inverse H&S is formed, which gives a bullish bias. However, the first top close to 49k a month ago, left us with a huge weekly bearish reverse candle. For me personally, that candle can't be ignored and the pull back to around 38.5K wasn't big enough for it.
In my opinion, once we have the next big bull wave, we might never see the 30ks range again. Does it feel like we are there yet? Well, off course your and my feeling don't really matter, but there is a lot of hype going on and high expectations which is always worrisome. I personally don't believe we are there yet. Given the large market cap on BTC, in order to reach all-time highs, we will need much more capital coming in, which is most likely only available at major support levels which we never went back to (but barely and swiftly once; recently) since breaking 32k.
I am not saying that we are going back to 32k, although it is possible. I think a target of 36k is more realistic.
On the daily time frame, an inverse H&S is formed, which gives a bullish bias. However, the first top close to 49k a month ago, left us with a huge weekly bearish reverse candle. For me personally, that candle can't be ignored and the pull back to around 38.5K wasn't big enough for it.
In my opinion, once we have the next big bull wave, we might never see the 30ks range again. Does it feel like we are there yet? Well, off course your and my feeling don't really matter, but there is a lot of hype going on and high expectations which is always worrisome. I personally don't believe we are there yet. Given the large market cap on BTC, in order to reach all-time highs, we will need much more capital coming in, which is most likely only available at major support levels which we never went back to (but barely and swiftly once; recently) since breaking 32k.
I am not saying that we are going back to 32k, although it is possible. I think a target of 36k is more realistic.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.