BTC Breakdown
We've definitely seen a good rally from BTC during the past week. However, there is an evident bearish divergence on the MACD and the RSI indicators, meaning it's been losing volume and momentum on its way up. We should be wary of a possible push back to lower levels. As of now its on a rising wedge and as of this moment, it's touching a major support line and clinging to the Ichimoku Cloud. We might breakdown from here via a bear flag or another failed retest forming a Head and Shoulders pattern.
The sentiment of most of the people I know says that we're about to finish an enormous inverted H&S pattern that could push us up to higher highs. Yes I think that's definitely possible, but I don't see how we could get through the 11700 resistance right now since it's packed with a heavy number of resistance levels from at least three directions (One from the ATH, another from the previous high of 11700, and another from the rising wedge from the ATL).
I could be wrong and it might break up to higher highs, but as of now, I'm sticking to what I know works. I'm shorting right now for the short term.
If you have another take on the methods I used or on the future of BTC, please feel free to comment or message me. Would like to gather all the info I can get to make better decisions in the future. Thanks!
The sentiment of most of the people I know says that we're about to finish an enormous inverted H&S pattern that could push us up to higher highs. Yes I think that's definitely possible, but I don't see how we could get through the 11700 resistance right now since it's packed with a heavy number of resistance levels from at least three directions (One from the ATH, another from the previous high of 11700, and another from the rising wedge from the ATL).
I could be wrong and it might break up to higher highs, but as of now, I'm sticking to what I know works. I'm shorting right now for the short term.
If you have another take on the methods I used or on the future of BTC, please feel free to comment or message me. Would like to gather all the info I can get to make better decisions in the future. Thanks!
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