btc state after large correction
Updated
btc dropped by 50% in a short time frame and washed out most of the open interest in the futures markets.
now it is slowly developing the first bullish structures for a swing low or bottom in the charts.
there is an adam and eve bottom forming where the eve is an inverse head and shoulders
as targets to the upside we get one range of the patterns at 49k and 53k
same is for the downside if these patterns fail ~25k
I got a bullish bias here because even if btc entered a bear market, it dropped too much already and mean reversion to more moderate downtrend should happen
now it is slowly developing the first bullish structures for a swing low or bottom in the charts.
there is an adam and eve bottom forming where the eve is an inverse head and shoulders
as targets to the upside we get one range of the patterns at 49k and 53k
same is for the downside if these patterns fail ~25k
I got a bullish bias here because even if btc entered a bear market, it dropped too much already and mean reversion to more moderate downtrend should happen
Note
notice that the chart patterns are in development and structure can still change. breaking 40k and 42k very soon is the key
Note
first breakout is in progressNote
it struggling a lot to break up, seems like this trade becomes high riskif not going up soonTM it might morph into something else on higher timeframe
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