WHAT IS HAPPENING WITH BITCOIN ??!
Welcome back everyone to another Bitcoin analysis, I don't want to make this analysis long so I am gonna get straight to the point. As we see from the chart, we had a Head and Shoulders pattern form back in May, 2021. It wasn't a clear head and shoulders, but it did have alot of properties of an H&S pattern. It ended up breaking bullish rather than breaking to the downside, and then BTC continued to test the previous supply zone at 64k, we ended up consolidating around the supply zone and making a new ATH at 69k. Then we ended up breaking bearish from the consolidation and headed back to the higher low of the the uptrend, where we saw a pullback to the 52k zone. The same pattern that formed in May, 2021, started forming in the past few weeks. Now to trade this pattern i would draw a trend line connecting the ATH to the right shoulder and wait for a bullish break to buy, or i would wait for a break in the 40k range then i would place buy orders at 32k-29.8k where i would take advantage from the bounce that would happen from the 30k range demand zone. So my best advice for now is to stay on the sidelines and don't rush into buying just yet. Worse case scenario is a drop back to the 19k-21k range, where i will be expecting a bounce or even a reversal in the macro structure of BTC. This is a very vague analysis, I will be making a deeper analysis very soon where i will talk about the macroeconomy and how its affecting the crypto market, and i am gonna include some BTC indicators, like the fear and greed index, Paper-hands ratio, Network's transactions value, etc. Remember patience is the key to trading and investing.
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