On the Fate of Bitcoin
Updated
In the current image, BTC stands at the tip of a critical threshold. The price has currently been rejected from the 200-unit exponential moving average in the 4-hour time period.
Although attempts have been made 3 times to the falling channel resistance area we are in, there is no strong and significant sign of any breakout.
Currently, the target of an Inverse H&S pattern appears to be the previous high. However, the breakdown of the critical support area will clearly take us to a critical support area, which we will define as another bottom point within the golden pocket borders on the logarithmic fib scale. This means that we will fall below 50K.
Although attempts have been made 3 times to the falling channel resistance area we are in, there is no strong and significant sign of any breakout.
Currently, the target of an Inverse H&S pattern appears to be the previous high. However, the breakdown of the critical support area will clearly take us to a critical support area, which we will define as another bottom point within the golden pocket borders on the logarithmic fib scale. This means that we will fall below 50K.
Trade active
We made an upward breakout and overcame the falling channel resistance positively.Trade closed: target reached
H&S target reached. Nice Porfit taken.
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