hallow
Over the course of today we saw price elevate and nearly breach 9k. However it was again knocked back hard, almost as hard as the previous time yesterday.
My Bullish Scenario for BTC could still be in play with the H&S forming nicely but again volume is not backing it at all.
For now i am looking closer into this ascending right triangle and seeing where a possible breakout may be.
When looking into it deeper i was able to find 2 possible bear flag patterns, which it seems to be following quite nicely. If the second flag is followed correctly we could see a break out of this triangle and a push downward towards a target around $7,000-$7,500
So really at the moment it is coming down to which direction we breakout from. AS I TYPE THIS WE MIGHT BE BREAKING OUT DOWNWARDS!!!!
an upwards break may prove the H&S to be effective with a re assessment around the 9.5 k region, but a downwards break may show that the volume was not enough to push it up and pull us down into the 7k regions where we can again re assess.
Again we need a strong breakout in either direction, it can break it a tiny bit but it doesn't really count until we see a strong impulse in either direction.
Due to volume levels i am bearish on the current situation still, but we never know if that may pick up and prove the inverted H&S to have been a success.
Legal Disclaimer: I have no idea what I'm doing and I'm not telling you to follow me or make investments based on this information, this is just my thoughts and ideas and what ill be following. Happy Trading!!