Warning Signal For Bitcoin
Yes, we are on in the midst of our next bull cycle which should run until around June-July time. However, I am starting to see warning signs that Bitcoin may be ready to sell off in the short term. What we may be seeing is a head and shoulders pattern developing on the weekly which could take about a month or longer to fully form and complete.
A simple amplitude test of this pattern would have Bitcoin moving to around 14k if we get an upside to the break. What we need to see is a slow sell off and losing 9800 would be confirmation that this pattern is going to play out and the most optimal opportunity would be to buy anywhere under 9000. My target is to add to my tethered positions around 8500-8900 dollars. This may be the last dip before we start chasing previous ATHs.
A simple amplitude test of this pattern would have Bitcoin moving to around 14k if we get an upside to the break. What we need to see is a slow sell off and losing 9800 would be confirmation that this pattern is going to play out and the most optimal opportunity would be to buy anywhere under 9000. My target is to add to my tethered positions around 8500-8900 dollars. This may be the last dip before we start chasing previous ATHs.
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