Good Luck and Stay Safe!
But if BTC doesn't consolidate and instantly goes up on a rally here trying to break 18k, then we know this H&S is true.
Whoever went long on that right shoulder got trapped really hard.
Note that it is still correction, not a bear market until we break below 6k.
On high timeframe, some of you might see it as a double bottom using the bottom 10k bottom from Dec 10th. There is possibility for that, but it would really be weird to have a double bottom in the middle of uptrend wave. Those are normally form after the end of a downtrend/correction and we have only just started the downtrend on a higher timeframe.
What I believe we see here is something interesting. Instead of a "fake" bottom at wave 2 which would have made the H&S should clear, we are seeing this "fake" bottom at wave 4 instead. The wave 5 dump would be spectacular if this plays out. The fastest dump record in the guinness book of records, much faster than the one we saw from 14.5k to 10k yesterday.
Technical on 15 mins MACD shows a lower and lower high and 30 mins MF confirms that price is no longer supported with a very sharp dip. Potentially a lost of steam here to match the ABCDE patterns =)
For BTC to really show positive sign, we need convincing break through above 17k. Otherwise, the risk of a H&S remains. Interesting how TA can change but still go back to the initial projection.
8k may not be true bottom as there is a chance this is just wave A of a very high degree wave 4. Whether that will influence is simply hypothetical. Absolute bottom in my opinion is 5k because wave 4 cannot go beyond peak of wave 1.That is an idea for another day. For now, I have done what I can to help everyone.
Accepting donation for beer and pizza if you made/save money from this trade =) I stayed up for 3 days and i am so dead. TA is not free, pls appreciate the hard work of others.
Bears need to watch out here very carefully.
This happened before with IOTA where it just hangs there at the resistance line, refusing to go down again and again until it breaks thru, forcing big short squeeze. I recommend to consider both possibilities at this time. Its strange to see so much buying power when the H&S is so obvious at the top. If this wedge expanding another time, it most likely will just become a upwards channel.
Volume doesn't seems high but still suspicious. With so many investors and traders staying at the sideline undecided. A breakthrough above 15k will see alot of FOMO set in. 14.2k is a strange resistance line. Some are seeing an inverse H&S on the 15 mins chart but that timeframe is too short to say an overall trend change. There are still 16k and 17k resistance line to test for a potential H&S setup.
A slopping downwards H&S suggest a fall into 2k but Elliot waves denies that possibility which means that below 5k will put us into a bear market and no longer a correction. As current wave counts do hold, I am going to be optimistic and say 8.5k for this bottom for now with a potential further correction to 5k (hypothetical) .
Thats what i am seeing from your above?