BTC appears to be making a head and shoulders pattern while creating trends.
1. accumulation trend, positive, if continues BTC has a better chance of moving upward. 2. downward trend, if price continues not bad for BTC, continue to watch. 3. head and shoulder pattern developing (green line), head and shoulder often means a top and heavy selling or continues downward selling expected. 4. 42k critical support line in the middle of all options mentioned above.
Note, all tradeable.
코멘트
⋅
- Continues to accurately follow the projected head and shoulders analysis. - The drop on May 19 to 30k shows strong support. - Wouldn't be surprised to see a shakeout to 30k before testing 42K. - Eight distribution days out of eleven sign of weakness. Out of the two of the three accumulation days volume is not enough to reverse the price (IMO).
Good analysis even after the lapse of 1 month and a week. Good work. Kindly post your telegram link.
boonyaban2516
⋅
Ok
zachdub
⋅
@works2020 Do you see a bounce back up to the 51,000 mark before dropping below as a possible scenario? Thanks
works2020
⋅
@zachdub, it's already moved up from the low of 42.1k to 44.4K, hardly a bounce but the way I look at it is BTC is extremely volatile right now. Bounces, swings, movements are confirmed by watching volume. The direction at which it's doing to continue to move I believe will be considered by above average volume. At this point can continue to watch which direction is going to take precedence but which direction is going to stick, I believe is determined by the amount average volume increases.
works2020
⋅
@zachdub, I see a bounce / upward movement to 42K. If it doesn't break resistance here my analysis it's going down below 20k. The head and shoulders is a strong reversal pattern which has been tested many times. Another concern is the low volume, without it picking up if/when the price goes up BTC is likely going to continue down.