BTC Update: Resistance Ahead of Counter Trend

Updated

Update:

Possible Scenarios:

1) Traders will take Short Positions on test of pivot line around 9400, If they succeed with the supply line then will retrace back to test 8k level again to form Reversal Pattern as suggested earlier.

2) Short Squeeze: If Shorters failed by Bulls and try to cover their short positions by buying more and more BTC => resulting in Fake Breakout upto 11k

"A short squeeze is a rapid increase in the price of a stock that occurs when there is a lack of supply and an excess of demand for the stock. Short squeezes result when short sellers cover their positions on a stock, resulting in buying volume that drives the stock price up."

Remember: We are still in Downtrend below counter trendline

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Update:

BTC went with case 1)
- 8k level retraced back on test lower band of Resistance zone
- Forming Right Shoulder of Inverse H&S Reversal Pattern

What to Look for:
______________

Break of Resistance zone upto 9400 =>

* If not, will result in invalidation of reversal pattern
* Breakthrough resistance zone will get it back to test R2 level around 10.8k

Technicals 4H chart:
________________

MACD, RSI, Stochastic => all Bullish

Note

aqfaridi

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