Bitcoin

BTC Short @ 6600 or Long @ 6950

First things first:
Two descending parallel channels mark dynamic S/R since April 1st, 2020. The bottom limit of the wider channel (outlined in green) marks resistance in early April, which formed a descending triangle to 6800 before a breakout to 7500. The second descending parallel channel (outlined in red) marks support of lower lows on April 10 & 12.

What is the pink channel?
Each parallel channel has a midpoint shown by a dotted blue line. I created a dynamic S/R area between those two midpoints. The yellow lines mark where price has tested the pink channel. Clearly, we are rounding up to make or break this time through... Will Bitcoin pop the pink channel resistance and test 6900-7000, or fail to break and correct back down to the 6600 underlying support (orange line).

Head & Shoulders
As many of you have seen across TV, a large H&S pattern has almost finished. This hints as a correction down to the neck line @ 6600.

Prediction: Short to $6600

Reasons:
1. 6750 is massive resistance spanning back to mid-March.
2. Volume is trending downward (literally fizzled out)
3. Massive dump from 24 hours ago, lack of time to consolidate before pumping again.
4. Pink channel acts as a resistance over the month of April
5. H&S neck line at 6600 marks potential support for pending correction
6. Stochastic just began a downward trend with a crossunder in the last hour


Clause de non-responsabilité