BTC midterm analysis
Updated
Number of shorts just rose quite significantly, expecting this manipulated market to go up a bit to change people sentiment into bullish and force people to settle their short positions. Now we are about 2/3 down from upper trendline towards the bottom trendline. In the previous 2 major peaks when the price started falling, there was retracement visible right at these 2/3 level as circled on the graph. When our target of 6600-6800 is reached I'm expecting sudden crash to 5000ish levels powered by huge H&S pattern. Then expecting a bounce back to the upper trendline, reaching it near postponed ETF date, and then we will see what happens
Note
(sorry for the link, don't know how to add a snapshot)
Everything is going as expected, we have started to form the right shoulder of a giant H&S pattern. stochastic rsi on 4h chart reached the bottom, expecting a bounce towards the top and the price retesting 6600 again. I also noticed the rsi forming a raising wedge, after retesting the 6600 area I'm expecting the raising wedge to break the support and fall down significantly. On the daily chart we can see that the stochastic rsi is reaching its peak, we are expecting a bounce down after being denied at 66xx range again (double top), completing the H&S pattern and hammering the price down to 52xx range. Opening a short position at 6602,
Safe trading guys,
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.