Bitcoin / TetherUS

BTC relief rally to 25.3K or fake out ?

this inverse H&S pattern got a lot of eyes on lately and a lot of people are right now opening massive long positions since price retested the previous neckline resistance and flipped it as support . In my opinion we still have a lot of resistance up ahead to call this a relief rally . You have macro resistance at 22.1K which is caused by the 200 WMA . you also have resistance at 21.4 K which corresponds to the 0.6 fib level from the fib retracement drawn from the high to the liquidation low price . zooming in , you have a clear rising wedge that you can see more clearly on the H1 chart . This potential pattern can send price back to the 0.2 fib level at 19.1K . if price goes up and flips those resistances to supports i think your maximum price target would be at 25.3K which is the H&S target and the 1.22 fib level . if you happen to push above it you still have resistance at 26.5K caused by the trend line that price has been respecting since its peak and the fib circle level .
Not financial advice

כתב ויתור

המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.