BTC: If 42-46k battlezone is lost; 37k to 30k may be next
From peak of 69k, BTC made a H&S pattern with neckline at 42k.
Now it may potentially be making an INVERSE H&S WITH NECKLINE AT 46K.
So far every pump to 46k were met with a lot of selling in the 42k to 46k zone, sending BTC back to 37k.
Being able to hold at least the 42k to 40k zone will give another shot to conquer 46k.
However, if it fails then the next supports will be 37k, 33k & then 30k to finally make the head of the
Inverse H&S pattern.
Notice that BTC has been confined b/w the blue & red long Trendlines from Mar2020 low. (Ranging nside a triangle). BO from this triangle will give BTC direction.
Note: triangles are usually continuation patterns & the previous trend is down.
Also the dollar & bond yield is still rising in the short term which is negative for risk assets…making a lower low probable before April. Dollar & yields may peak out soon & this will be the bottom for BTC & equities.
Bullish scenario: So far BTC is holding the 40-42k zone. A break above 46k will allow the retest of 50k & 60k.
Not trading advice
Now it may potentially be making an INVERSE H&S WITH NECKLINE AT 46K.
So far every pump to 46k were met with a lot of selling in the 42k to 46k zone, sending BTC back to 37k.
Being able to hold at least the 42k to 40k zone will give another shot to conquer 46k.
However, if it fails then the next supports will be 37k, 33k & then 30k to finally make the head of the
Inverse H&S pattern.
Notice that BTC has been confined b/w the blue & red long Trendlines from Mar2020 low. (Ranging nside a triangle). BO from this triangle will give BTC direction.
Note: triangles are usually continuation patterns & the previous trend is down.
Also the dollar & bond yield is still rising in the short term which is negative for risk assets…making a lower low probable before April. Dollar & yields may peak out soon & this will be the bottom for BTC & equities.
Bullish scenario: So far BTC is holding the 40-42k zone. A break above 46k will allow the retest of 50k & 60k.
Not trading advice
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