Cleaned up to make it a bit more legible.
Sorry guys left a line on the previous chart(s) that was misleading. New chart and added fib levels for targets if this pattern plays out.
BTC staying in the channel for now, that wick looks like it was hunting for stops. Most likely liquidated a lot of long positions. Volatility is the name of the game.
Watching the $9.31 area for a bounce at or before to help validate a H&S continuation pattern. Could still hit $8.92 on the downswing, this would also keep our H&S pattern alive, anything below will invalidate. If we break that and go lower I am bearish. RSI approaching oversold conditions, as well. This tells me we have a good possibility to bounce at the neckline.
Quick update, liking support here. Good accumulation zone imo.
At Work and not much time but we could be looking at a significant drop coming in the next few days to week. Good time to accumulate BTC or any Alts when the dip comes. BTC could follow the tight uptrend channel for a few days before breaking lower. RSI becoming oversold but still room for it to go up before a drop. A break down of $4850 would signal a lower low...
BTC has broken below our current trend and is trying to find support around the $4900 range. If this range breaks I am not seeing much support on the way down to the low 4000's. Waiting to see what happens at the $4900 range before taking any trades. ***Not shown*** The 200 MA should act as support on the daily time frame, something to keep an eye on. (Around $4600)
The 200 MA has acted as support since it flipped from resistance back on Feb. 8th. Will be looking for this correction to come down and test the 200 MA again. I am using the 200 MA on the 4HR and 1D charts at the moment.
Looking at heavy resistance at the $6,000-$6500 range after the most recent run. Expecting a pull back to reset RSI levels before a continued rise. Not much resistance until around $6,000-$6,500 as BTC looks to gap fill the area marked. Gaps will always fill at some point in a healthy market, whether up or down. In this case BTC is Bullish and trying to fill a...
Looking like a similar move coming to some previous moves. Small pump, Large Dump!
Sorry guys, "New Neckline" on previous chart was wrong and fixed now. A little sleepy today.
Let these RSI levels cool off and see if we get a bounce at 7K would be an ideal scenario to push even higher
Following through from the chart on the 6th. Would like to see consolidation today before another test of our latest high. RSI levels very high at the moment.
Could still see a dip towards $6,100 to complete pattern (not necessary though) but any lower would be a break of the pattern and invalidate it.