Inverted H&S BTC 4hr
A possible Inverted is looking to be forming on the BTC 4hr.
– is looking ok, bulls definitely need more.
– is hovering around 34 after bouncing off of super oversold conditions. (The daily has it lower)
– is showing a crossover.
– My entry right now is set to sell just below that resistance line.
– Overall, I’m expecting BTC to drop lower (OVER THE NEXT FEW WEEKS) since we haven’t gotten that desperate capitulation just yet.
– However, I have buy orders scaled up from $5.8k (to play the bounces) and have taken a small position right now to play this possible pattern out.
– Market sentiment is and will remain so until something big happens.
– In my opinion, every bounce we get will get shorted and we won’t reverse this trend until we get a big green candle (such as the last one around $6k.
– Fundamentally wise, every bit of news, as far as regulation goes is helping crypto in the long run so I’m still long term but believe that we will flatline for a bit until news of regulation and the gets passed down.
Sidenote: The profit to make money off of mining BTC is anything above $4.9k (Average) so that is my personal floor price because anything below that will see BTC freefall. I forsee BTC bouncing between $5-6k. If we do better then so be it, I’m happy being in the green. I’m also staying out of alts until BTC stabilizes.