BitcoinShort
BTC needs to go down to approx. $8.5k before resuming uptrend
Updated
Short for short term, long for long term.
Inverse head and shoulder target (8.87k)
CME gap (around 8.6k)
0.5 retracement from last top (8.34k)
weekly 200 MA (around 8.2k)
POC of VPVR since mid-May (7.94k)
O.618 fib retracement from ATH (7.86k)
All this points to a price trending to about 8.5k before being able to go up again.
This would actually be healthy and would be compatible with a redesigned parabola drawn in red.
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All comments welcome :)
Inverse head and shoulder target (8.87k)
CME gap (around 8.6k)
0.5 retracement from last top (8.34k)
weekly 200 MA (around 8.2k)
POC of VPVR since mid-May (7.94k)
O.618 fib retracement from ATH (7.86k)
All this points to a price trending to about 8.5k before being able to go up again.
This would actually be healthy and would be compatible with a redesigned parabola drawn in red.
-----
All comments welcome :)
Note
Recent bounce does not invalidate analysis : still in descending channel
Trade active
Broke out of descending channel.However some of the reasons for the initial target are not yet invalidated.
Trade closed manually
iH&S pattern has invalidated ideaNote
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