BTC Head and Shoulder reversal... Is it gonna crash again???????
According to the chart, for BTC there are two possible scenarios I can see right now:-
1. It's in the downtrend which was started from December and right now in sideways action or you can say B correction way and it will take around 2 days to hit my first target which is around 7000-7100 USD and another 3 weeks to hit the next high which is around 9000 USD which will be a kind of bull trape and it will start to go down again and much likely to hit 4000 USD.
2. Head and shoulder reversal pattern is forming on 1 Week chart, means it is much likely to go down from here. There is a strong Support at 6000. much likely to bounce from there but if it breaks down we can go up to 4000 USD where there is a huge support.
Though it might not go below 6000 as good news are coming recently in the crypto market. But there is a high probability because we have been above 0 MACD line almost from the starting and it is prepared to go below 0 line, which will be disastrous for BTC and the crypto market.
For the short term, like 1 or 2 days
Yesterday we saw a huge dip and a good recovery, BTC beautifully bounced from 7250 level. But if you noticed or not, the bounced was with the very insignificant volume the kind of bounce we saw 4-5 days before from 8200 level which was kind of bull trap. same as this one. And frankly speaking, I was also trapped in the previous one.
Last note, These are only my thoughts, not a financial advice.
As crypto market is full of surprises and controlled by only some big whales it is difficult to figure out what they are upto.
Feel free to comment, I will be ready to discuss my thoughts as well as eager to listen to yours.
1. It's in the downtrend which was started from December and right now in sideways action or you can say B correction way and it will take around 2 days to hit my first target which is around 7000-7100 USD and another 3 weeks to hit the next high which is around 9000 USD which will be a kind of bull trape and it will start to go down again and much likely to hit 4000 USD.
2. Head and shoulder reversal pattern is forming on 1 Week chart, means it is much likely to go down from here. There is a strong Support at 6000. much likely to bounce from there but if it breaks down we can go up to 4000 USD where there is a huge support.
Though it might not go below 6000 as good news are coming recently in the crypto market. But there is a high probability because we have been above 0 MACD line almost from the starting and it is prepared to go below 0 line, which will be disastrous for BTC and the crypto market.
For the short term, like 1 or 2 days
Yesterday we saw a huge dip and a good recovery, BTC beautifully bounced from 7250 level. But if you noticed or not, the bounced was with the very insignificant volume the kind of bounce we saw 4-5 days before from 8200 level which was kind of bull trap. same as this one. And frankly speaking, I was also trapped in the previous one.
Last note, These are only my thoughts, not a financial advice.
As crypto market is full of surprises and controlled by only some big whales it is difficult to figure out what they are upto.
Feel free to comment, I will be ready to discuss my thoughts as well as eager to listen to yours.