BTCUSD area to watch
Updated
Around a week ago we saw BTC push up through a level that was threatening to become a triple top. We saw a brief push to 48k where sellers reacted.
The last few hours have seen a move up from a level of support. However, if we look at where the golden retracement is, as well as the 161% extension of that first wave up from this support, it all coalesces right around that same resistance level from a week ago.
This makes me think that we could end up as a H&S pattern, which (if it plays out this way) has a target around 40.7k - invalidating a 5-wave motive structure from the recent 29k low.
In other words, I'm watching the 46.7k area closely, looking for signs of either bullish continuation or bearish reversal.
Not financial advice, thanks for reading, interested to hear people's thoughts.
The last few hours have seen a move up from a level of support. However, if we look at where the golden retracement is, as well as the 161% extension of that first wave up from this support, it all coalesces right around that same resistance level from a week ago.
This makes me think that we could end up as a H&S pattern, which (if it plays out this way) has a target around 40.7k - invalidating a 5-wave motive structure from the recent 29k low.
In other words, I'm watching the 46.7k area closely, looking for signs of either bullish continuation or bearish reversal.
Not financial advice, thanks for reading, interested to hear people's thoughts.
Note
Well, H&S broke fairly quickly, as did the local high.Now we've seen BTC pump to just past the traditional golden retracement .618-.65 zone, stalled out apparently by the dark lord himself at the .666
Bearish divergences on multiple indicators suggest a correction is imminent, however we may simply be riding general sentiment and 'printer go brrr' at this point. I guess we'll see what happens. Trade safe everyone!
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