BTC potential IH$S - If 60k bounce: 71k target

BTCUSDT 4H Analysis

NOT FINANCIAL ADVICE

TL;DR BTC continues moving downwards towards the 60k mark. A bounce there would validate the IH&S pattern and open the way for a W3 to 71k.

• We have a lot of confluence:
  
• On top of being the right shoulder of the IH&S pattern, a retrace to 60k would be 0.618 fib of the last leg up
  
• We are seeing some support from the 50VWMA (yellow), very close to the 60k mark (currently 60.7k)
  
• TD Sequential just printed a perfect Buy Setup (red M9), indicating a potential reversal. You can see on the chart how accurate its previous signals have been
  
• RSI is nearly oversold (currently ~35)
  
• Both the MACD and its signal line are in the negative. Once we have a crossover, the further below 0 it happens, the stronger the reversal confirmation will be
  

Comment:

NOT FINANCIAL ADVICE

TL;DR This could be a huge week for #BTC.
Elliot Waves + IH&S playing out perfectly so far. W3 short term target to $71k, W5 target could be new ATH.

• The IH&S we spotted 2 weeks ago is still playing out perfectly, we broke the neckline with a high volume candle and the W3 target is still $71k.
  
• The current supports are the right shoulder LH ($65.5k) and the 50-day VWMA ( 65K , yellow line).
  
• The current resistance is the left shoulder LH and 1.236 fib of W1 ($67.5k), if broken the next stop is $71k.
  
• If Elliot Waves keep playing out, after W3 to $71k, we can expect a W4 retrace to the $66.5 - $65.5 area, followed by a W5 to ATH or above. (~$74k)
  
• The daily RSI is sitting at a comfortable 58, which should allow plenty of room for these moves.