Noob making charts: BTC
Bullish case: For inverse H&S to be validated, price target must exceed 4300-4400 resistance. Failure this time means it will be the third rejection at 4300 price range, which has happened during the previous two closes. If BTC hits 4400-4500 target, I would expect pullback to 4100-4000, where it will likely trade sideways a few days, pushing volume into alts, before next leg up to 5k.
Bearish case: If Inverse H&S is invalidated, BTC price should be expected to fall to or below 3500 mark. This is because during the most recent short fall 3600 support was not broken and buy support held at 3700-3800. BTC at 3600 will likely trigger big sell-offs for alts, especially the ones that mooned. The bottom for BTC during December was 3300-3100, RSI falling below 20 on the 1 Yr chart.
Bearish case: If Inverse H&S is invalidated, BTC price should be expected to fall to or below 3500 mark. This is because during the most recent short fall 3600 support was not broken and buy support held at 3700-3800. BTC at 3600 will likely trigger big sell-offs for alts, especially the ones that mooned. The bottom for BTC during December was 3300-3100, RSI falling below 20 on the 1 Yr chart.
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