BTC Head and Shoulders Break Target Hit
With today's price action Bitcoin has come down to test the 25,300 level.
This has been a very important resistance level in the past that once it broke above this level, it needed to come back and retest as support.
As we can see, there's also an upward trending trading range / trend channel (In Blue) that has held well twice before.
Hopefully BTC bounces here and continues higher, ideally getting through the $32 K level.
Past 32k to the upside, gives a clear path to
48K to 50K, the Golden Pocket retrace of the market cycle high to low.
But there are a sizable order blocks above between
29K and 
31K that will act as a formidable resistance area (not shown). So this is going to be interesting battle.
We still have an unfilled CME gap around 20k also.
And there's a larger Head and Shoulders forming on the weekly chart, that if we lose the neckline support points to a re-test of the recent market cycle lows down to 16k.
Our indicators show that the bottom is in, but could still be re-tested.
But my bias for now is towards the upside.
What do you think?
This has been a very important resistance level in the past that once it broke above this level, it needed to come back and retest as support.
As we can see, there's also an upward trending trading range / trend channel (In Blue) that has held well twice before.
Hopefully BTC bounces here and continues higher, ideally getting through the $32 K level.
Past 32k to the upside, gives a clear path to
48K to 50K, the Golden Pocket retrace of the market cycle high to low. But there are a sizable order blocks above between
29K and 31K that will act as a formidable resistance area (not shown). So this is going to be interesting battle. We still have an unfilled CME gap around 20k also.
And there's a larger Head and Shoulders forming on the weekly chart, that if we lose the neckline support points to a re-test of the recent market cycle lows down to 16k.
Our indicators show that the bottom is in, but could still be re-tested.
But my bias for now is towards the upside.
What do you think?
25-year investor & trader, bought 1st BTC at $20
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
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