Bitcoin Analysis May 24 | Why I've been shorting BTC

25 mai 2020

Let me know your thoughts on my analysis!

Cheers,
Amol

25 mai 2020

Note

The 4h chart shows a temporary bottom hit around this 8618 low we put in yesterday. We've since climbed up about $250+ but the near-term momentum still points down. In the development of the H&S pattern, I'm also aware of the falling wedge pattern. Neither of which have been confirmed.

We can still get to the trend line from the prev. large ABCDE triangle pattern + the top of the wedge around 9060 and still be in a downtrending movement. However, if we break out of the falling wedge + inside the triangle then i'd say the momentum has shifted towards the bulls a bit more favorably again.

If we do break down from the wedge, I'd say we then activate the measured move down from the breakdown of the triangle, around $7100.

I'm still short