Traders,
I've been reading that the second round of GBTC outflow, which contributed to the selling pressure recently, is drying up. This pattern on the 4 hour chart will either confirm or deny this rumor.
You can see the inverse head and shoulders pattern drawn. A break to the upside would target our previous high almost exactly. A failure to break the neckline by our bulls would result in our dropping back down to that multi-year trend-line (now acting as support) from 2019.
Watch this closely and set your alerts accordingly as I believe this is the key indicator telling us what Bitcoin will do for at least this week.
Best,
Stew
I've been reading that the second round of GBTC outflow, which contributed to the selling pressure recently, is drying up. This pattern on the 4 hour chart will either confirm or deny this rumor.
You can see the inverse head and shoulders pattern drawn. A break to the upside would target our previous high almost exactly. A failure to break the neckline by our bulls would result in our dropping back down to that multi-year trend-line (now acting as support) from 2019.
Watch this closely and set your alerts accordingly as I believe this is the key indicator telling us what Bitcoin will do for at least this week.
Best,
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
