Bitcoin Daily Inflection Point
BTCUSDAcross mainstream media and social media these days experts are calling it a Head and Shoulders with targets as low as $10 BTC , perhaps ...but sometimes the most obvious trade that has so many variables aligned can fail spectacularly. These variables are Regulatory , China Ban , Environmental and from a technical perspective Head and Shoulders , Blow off Top, 30k Horizontal and psychological Support giving way , Death Cross , the list goes on and on.
Personally I find the hourly and four hourly charts much more useful for my trading. To me trading is like the weather , easier to choose price direction over a few hours to a couple of days just like the weather news can say there is no chance of rain when no clouds are in satellite view for hundreds of miles.
I do use the daily chart for context , to be perfectly honest I have no idea if will play out like this , we are however at a possible infection point. The trend gradient ( all the parallel lines ) is derived from a pitchfork from the March 2020 low. In late 2021 a retest of the pink shaded parallel zone resulted in a massive impulse move , we just recently retested this zone and have slightly bounced off it.
This weeks open will be critical , a positive start start to the week is needed if this is indeed an inflection point.
Cheerio
FXcrypto
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