BTCUSD is setting up for another attempt at the log downtrend line.
So far this trendline has rejected price 4x and there have been many a bull rekt trying to catch this breakout, so I say the following with a huge hint of caution.
Right now BTC is setting up an inverse head & shoulders pattern with consolidation right below the log downtrend line. If BTC successfully attacks the line and passes it, it could trigger a short squeeze up to the price target of 9.8k
Disclosure: Currently long LTC from 117, long BTC from 6.8k, long ETH from 430
So far this trendline has rejected price 4x and there have been many a bull rekt trying to catch this breakout, so I say the following with a huge hint of caution.
Right now BTC is setting up an inverse head & shoulders pattern with consolidation right below the log downtrend line. If BTC successfully attacks the line and passes it, it could trigger a short squeeze up to the price target of 9.8k
Disclosure: Currently long LTC from 117, long BTC from 6.8k, long ETH from 430
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Getting very close to that trendline. Decision time! Up or down
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And we broke up!!
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Breakout confirmed. Now comes the backtest of the log trendline. Two possible scenarios shown on the chart
