Hey guys how's it going?
So a little bit of update on bitcoin. Not much has happened in past few days, we did test 7700 and got refused badly which led us down to 7200 area. I was fairly certain that we would test the neckline of that inverse h&s which is at 6850 before possibly continuing up. I still believe in possibility of btc pulling back to 7100-6800 area before moving up.
It's pretty much overbought on bigger time frames and there's a lot of fomo and hype surrounding it still. However it may have formed double bottom at 7200 (touched it twice) and it may be enough for higher ups. Shallow pullbacks are quite characteristic for bitcoin.
By doing so it formed what looks like an ascending triangle and broke 7500 resistance. Not much conviction behind it so i'm not exactly sure if it'll hold that level.
If it does and pushes higher we might stop at 7700-7800 for further consolidation.
That's it, tnx for reading