Some pullback on BTC in the coming week(s). Then all systems go!

Well, in my last post I had identified a H&S that we were watching to see if it played out. It did not. Bears failed to break the neckline. Failed H&S patterns tend to reverse bullishly very quickly. That it did.

What now?

Well, if you're a bull, waiting patiently to get in before we rocket off, you may have one more chance.

If you're a bear, I am finding it harder and harder to observe many significant bearish indicators.

What I have noted here on this chart is that BTC is currently engulfed in to not one, but two, bearish ascending wedges. These are to be distinguished from ascending triangles, which are very bullish. Ascending triangles have a horizontal top. Ascending wedges, which are bearish, have an ascending top. I am expecting that we might go a bit higher within each one of these wedges, but that withing the next coming week or weeks, we will break down.

If we fall out of these ascending wedges, it is still possible that we travel down to the 7.5-8k range which I predicted in my previous post if the H&S pattern were to play out.

Two more indicators that we are not fully bullish include: a failure to break 54 on the weekly RSI AND, on the weekly chart, we still have not completely conquered the BLUE descending trendline.

I'm not one to tell others how to spend their cash reserves but IMO, it's seems likely a better price could be offered to buyers in the next coming week or so. Try to ward off that FOMO. Hold tight. And wait for your best buying opportunities. I know this is hard, especially sensing that we are very near the end of the bear market and then all signs are GO. So, I don't blame you if you do buy here. I'm just suggesting that you might find a better price in the near term coming days.

Peace and happy trades all!

LAST POST: New Bitcoin Buy Zone Identified! $7500-$8000