Hi
So we saw BTC go into the predicted 8.5-9k zone only to get rejected extremely hard multiple times.
At this point i sold all my laddering (massive salvatore) which i did on the way down and am now taking a step back and watching to see where another potential buy in zone for some juicy gains could possibly be.
In order to form the potential H&S pattern, I was hoping for prices to go a little bit higher than what they did, so currently very unsure on the H&S Pattern. Also Volume doesn't seem to be confirming as cleanly as i would like it too. But i would not cancel that out just yet.
Taking a look at the bigger picture, here is my thinking after that hard rejection we saw yesterday. With a blue square labelling my ideal buy in zone.
Looking closer into recent price action we can see a very strong resistance line. Breaking down from this resistance will mean we are going down and possibly hard. As i type this i'm watching the price bounce off it continuously, however there is also the possibility it could break upwards out of the much larger depicted wedge and rise up, which i find unlikely as volume is extremely low.
We have seen a similar pattern happen previously, where price has been pushed tight into a wedge corner and broken downwards. This is what i see as very likely to happen in the next few hours.
Legal Disclaimer: I have no idea what Im doing and Im not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!