I am completely surprised by the latest Bitcoin's move and decided to quit 0.25 of my exposure on Bitcoin and altcoins because of the following reasons:
1- Although BTC/USDT broke the resistance line of lower channel and entered the above channel, pulled back to lower channel
2- Bitcoin got rejected sharply from 0.236 Fibonacci level
3- Highly anticipated inverted head and shoulders pattern in daily timeframe failed and an M pattern formed instead
4- A lot of green candles got engulfed by a sharp decisive red one
All that said, I expect $36k holds and if not, next stop is $31k.
I hope everything I said fails and I do want to know what you think about current situation in comments below.
By the way, channels I referred to is linked in description so check that out for better understanding.
1- Although BTC/USDT broke the resistance line of lower channel and entered the above channel, pulled back to lower channel
2- Bitcoin got rejected sharply from 0.236 Fibonacci level
3- Highly anticipated inverted head and shoulders pattern in daily timeframe failed and an M pattern formed instead
4- A lot of green candles got engulfed by a sharp decisive red one
All that said, I expect $36k holds and if not, next stop is $31k.
I hope everything I said fails and I do want to know what you think about current situation in comments below.
By the way, channels I referred to is linked in description so check that out for better understanding.
