I've had the larger channel in for weeks. As you can see, we've bounced along the lower bound for a while finally breaking through solidly in the past 24 hours. The question is: does the lower bound support become resistance?
I've included a few extra lines more pertinent to the next 72 hours. It appears that we are at an inflection point. I see a possible head and shoulders developing on the 4hr but the trend seems bullish. That said, we have a gap in CME futures between 54000-55000 (ish).
The (potential) right shoulder is presenting lower highs and lower lows with respect the the (potential) head and volume is decidedly bearish which would lead me to a 50100 target in BTCUSD, a breakout to the upside would portend new highs, but only time will tell.
Note: CME futures are closed until the Sunday Globex open due to Good Friday.
What do you think?
I've included a few extra lines more pertinent to the next 72 hours. It appears that we are at an inflection point. I see a possible head and shoulders developing on the 4hr but the trend seems bullish. That said, we have a gap in CME futures between 54000-55000 (ish).
The (potential) right shoulder is presenting lower highs and lower lows with respect the the (potential) head and volume is decidedly bearish which would lead me to a 50100 target in BTCUSD, a breakout to the upside would portend new highs, but only time will tell.
Note: CME futures are closed until the Sunday Globex open due to Good Friday.
What do you think?
I'm still extremely bullish through M. Looking at this as an opportunity to buy more calls going out on the calendar.