Head & shoulders pattern - Not a bullish outlook! - BTCHere's a quick look at the 8 hr BTC chart. As we can see, the price has recently printed a Head & shoulder pattern. The head and shoulder pattern Is a bearish chart pattern with a high probability of breaking lower!
The market will take a hit if inflation is 6.4% or higher. Therefore keep an eye on the CPI data release!
If you're in a Long trade, a break below the neckline should be your exit/sell.
Also, the price has printed a massive fair value gap, which will likely be filled very soon. At the same time, the price has also printed a Big CME gap between 20k and 21k.
There's a lot of FUD atm due to the collapse of the silicon valley bank.
I'm expecting a move lower to at least 18k after the CPI data release - I may be wrong! Trade safe!
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Key Dates to Watch in March:
14 Mar: CPI Data Release
15 Mar: PPI Data Release
21/22 Mar: FOMC Meeting
30 Mar: GDP Report
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What's a Fair Value Gap?:
A fair value gap is the difference between a financial instrument's theoretical value and market value, such as a derivative or security. It can indicate a misprizing opportunity for traders to profit by buying or selling at the misprized level. In other words, there is a gap in the price in which some open orders still need to be filled. The price will return to fill the orders.
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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
