BTC head and shoulders leading into a pullback to $25,000 w/ Fib
Looking at the 4 hour chart of BTC, it's looking like we have a choppy head and shoulders that finished about a week ago and fell into some consolidation. Normally with a nice breakout, a pullback should be expected. I'm thinking it will land somewhere around the $25,000 range. This would be right with our last zone of resistance and also on the fibs 50% line. Expecting a pullback that hits previous resistance and a fib level would be pretty ideal.
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I'm honestly not sure when we will drop to the $25,000 range before we bounce back up. But, I have a strong feeling we will.
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We still have not had that pullback. I just looked at the chart again and I still believe it will happen. I do think it will be closer to $25,300 rather than $25,000 now that I looked at it again.
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Greetings traders,
I wanted to share a quick update highlighting key some observations:
-ADX and DI- Crossing DI+
Starting with the ADX oscillator, we note the following:
Location A: Upward Arrow, indicating an uptrend confirmation.
Circled at Location B: ADX begins to fall, signaling a potential weakening of the bullish trend.
Circled at Location C: Low ADX and DI- crossing DI+, implying decreased trend strength and a possible shift in market sentiment.
-Shooting Star Candlestick
Location D: We observed a significant shooting star formation, suggesting a potential trend reversal. This candlestick pattern represents sellers stepping in strongly after an attempted rally.
-Support Breakout Potential
Location E: The current bearish candle sits above a support level. There is a possibility of a bearish breakout below this level, potentially leading to further downward movement.
Greetings traders,
I wanted to share a quick update highlighting key some observations:
-ADX and DI- Crossing DI+
Starting with the ADX oscillator, we note the following:
Location A: Upward Arrow, indicating an uptrend confirmation.
Circled at Location B: ADX begins to fall, signaling a potential weakening of the bullish trend.
Circled at Location C: Low ADX and DI- crossing DI+, implying decreased trend strength and a possible shift in market sentiment.
-Shooting Star Candlestick
Location D: We observed a significant shooting star formation, suggesting a potential trend reversal. This candlestick pattern represents sellers stepping in strongly after an attempted rally.
-Support Breakout Potential
Location E: The current bearish candle sits above a support level. There is a possibility of a bearish breakout below this level, potentially leading to further downward movement.
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We are coming very close to the $25,300 - $25,000 zone. There has been a huge spike on the Di- line on the ADX with the ADX trend line beginning to rise for bearish (Labeled A).
We are coming very close to the $25,300 - $25,000 zone. There has been a huge spike on the Di- line on the ADX with the ADX trend line beginning to rise for bearish (Labeled A).
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I'll take it.