Inverted H&S BTC 4hr

Inverted H&S BTC 4hr

Bitcoin / Dollar
BITSTAMP:BTCUSD



A possible Inverted H&S is looking to be forming on the BTC             4hr.

Volume is looking ok, bulls definitely need more.
RSI is hovering around 34 after bouncing off of super oversold conditions. (The daily has it lower)
MACD is showing a bullish crossover.
– My entry right now is set to sell just below that resistance line.

Notes:
– 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 bearish 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 bullish long term but believe that we will flatline for a bit until news of regulation and the ETF 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.

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