The next 24 hours will be critical to know which way Bitcoin is headed. I'm slightly more BULLISH for the following reasons:
A break of the supply zone with volume will be epic and we will see a candle straight up to the target. This will probably be a FOMO push and will reverse rapidly at this point.
It is also possible the supply zone will hold and price will drag lower. On the smaller timeframes , there are already signs appearing that a correction is in need. Grind lines and rising wedge patterns can be observed. Therefore, it might be better to sit on your hands or wait for the BULL FLAG pattern to activate before entering long. There is still a way to go to the top of falling wedge trendline on higher time frames. This is a BEARISH pattern so this resurgence should be taken as a correction only until proven otherwise.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
- Bull flag pattern appearing with a projected target at Point (D) that confluences with the psychological key number of $8,000
- Inverse head and shoulders pattern still in play with a target at $7,688
- Weak retracement from the supply zone, that is multiple short candles on the way down (so far)
A break of the supply zone with volume will be epic and we will see a candle straight up to the target. This will probably be a FOMO push and will reverse rapidly at this point.
It is also possible the supply zone will hold and price will drag lower. On the smaller timeframes , there are already signs appearing that a correction is in need. Grind lines and rising wedge patterns can be observed. Therefore, it might be better to sit on your hands or wait for the BULL FLAG pattern to activate before entering long. There is still a way to go to the top of falling wedge trendline on higher time frames. This is a BEARISH pattern so this resurgence should be taken as a correction only until proven otherwise.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
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Bitcoin has perfectly reached the Inv H&S target. As mentioned, it is within a supply zone and selling pressure to be expected. Next stop could be $7,200
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