It's been an nice and convincing rally in Bitcoin, and it may have more to go. An upside breakout of the inverse H&S and above the trend line would be very bullish, and a backtest is likely afterwards.
But a rejection here could lead to a significant decline, following Bitcoin's rough 60-day cycle.
I think taking some or all of the risk off the table, and seeing what happens would not be a bad idea.
But a rejection here could lead to a significant decline, following Bitcoin's rough 60-day cycle.
I think taking some or all of the risk off the table, and seeing what happens would not be a bad idea.
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Price is breaking below the bearish rising wedge. I exited a bit higher and hold a sizable chunk of USDT for now.
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Now following my original trajectory down. It did recover my above rising wedge for one more high before turning downward. I admit, I wanted to play for the upside and got whipsawed back and forth a few times. But now fully and happily in USDT.
I think a test of the lows is in order but we should chop / consolidate midway first.
I think a test of the lows is in order but we should chop / consolidate midway first.