BTC has broken out of a clear downtrend, and broken the Market Structure on a Weekly Time Frame.
However it's not all roses and sunshine as we're still below the 21 W EMA and the 20W SMA which is more popularly referred to as the Bull Market Support Band.
The confluences used in this idea are:
1) Clean Inverse Head and Shoulders Target Hit ~42K
2) W...
In this idea I've used the following:
1) Agled Dotted Trendline that coincides with a FIB level of 0.618 to indicate Support
2) Angled Trendline in Red to indicate resistance
3) Horizontal Support Lines to indicate the next major supports
4) CME FUTURE Gaps, to indicate regions where BTC might potentially move.
There really isn't a lot of strength on the HTF atm. In this Idea, I've taken the following:
1) Weekly Resistance Line
2) Daily Support Line
3) Fib Retracement
All of this points to BTC making a LH around the ~46K region, before ultimately heading back lower.
Could we potentially sweep the lows before making the Lower High? Possible. Especially with the Monday...
A Death Cross is a lagging indicator and more often than not is not a great indicator of the current PA. But it can not be ignored in the current situation.
These are the last lines of defence for BTC. We might have to embrace the idea that 69K was the top, even though I personally don't think so. But it's a possibility that can't be ignored anymore.
