TRIPLE FAKE OUT???
Since May 19th we have been in a wedge that has held solid support since. It showed signs of weakness on June 8th but ended up being a fake out, it recovered back into the wedge by June 9th and actually retested the top of the wedge on the 10th before coming back down to test the 35k levels which has shown great support. Like the wedge it fell out a few times, bears managed to get the price under 35k 8 TIMES ! But could never manage to keep it under for over a day. This shows that the bulls are defending this level with everything they have and bulls are getting weak. After retesting 35k one more time btc spiked out of the wedge and fell into a descending channel that wiped out the entire spike and actually fell out the wedge apex to the bottom support of the channel before making a move to 36.2k. We now are sitting at 35.2k at the time of this post right below the apex of the wedge, and sitting on a trend line that has flipped resistance to support a couple of times.
Will this support hold? Or will it become resistance? This would indicate a dump is near. Holding support above could mean a big move toward 42k is brewing.
Whatever happens I think its safe to say that a big move will be waiting for us one way or another. All these fakes out are just building more and more suspense to whats to come. Im excited to see how it plays out.
Do you guys think the huge head and shoulders pattern on the daily that everyone is anticipating will fulfill? Or is it one big fake out after another?
With everything considered I would long on this ideal at 34.5k and take profits at 42. But if it breaks 33.5 and closes below I would say the head and shoulders is very likely to play out.
The Bear cross has officially happened and since its existence, btc has broken to the upside after the bear cross over 80% of the time in the short term. The range was anywhere from 50%-125% increase. Likely to repeat?
Will this support hold? Or will it become resistance? This would indicate a dump is near. Holding support above could mean a big move toward 42k is brewing.
Whatever happens I think its safe to say that a big move will be waiting for us one way or another. All these fakes out are just building more and more suspense to whats to come. Im excited to see how it plays out.
Do you guys think the huge head and shoulders pattern on the daily that everyone is anticipating will fulfill? Or is it one big fake out after another?
With everything considered I would long on this ideal at 34.5k and take profits at 42. But if it breaks 33.5 and closes below I would say the head and shoulders is very likely to play out.
The Bear cross has officially happened and since its existence, btc has broken to the upside after the bear cross over 80% of the time in the short term. The range was anywhere from 50%-125% increase. Likely to repeat?
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