Bitcoin | SHS in play, 52k next?
Updated
So, it seems like the SHS is in play now, but we haven't seen a retest yet. Whole market is just so weak. Think we have a neckline around 60k, but as I said, Bitcoin couldn't even retest it yet. Sometimes SHS reach their targets in one candle without any retest, but since Bitcoin is holding its ground above 58k I assume we might touch 60k this day.
However, if Bitcoin can't break 60k the chances for another drop greatly increase. Would say it's 70/30 now. So in other words the SHS will reach its target around 52k.
Alts were hit pretty bad on this drop. Didn't expect this tbh. Showing once again that trading alts with more than 3x leverage is a recipe for disaster. You will get wiped out sooner or later.
Stay safe.
However, if Bitcoin can't break 60k the chances for another drop greatly increase. Would say it's 70/30 now. So in other words the SHS will reach its target around 52k.
Alts were hit pretty bad on this drop. Didn't expect this tbh. Showing once again that trading alts with more than 3x leverage is a recipe for disaster. You will get wiped out sooner or later.
Stay safe.
Note
What a brutal market this is. First letting everyone believe the SHS is invalid by breaking above neckline, then dump it below last swing low to catch some stops and let people believe the SHS is in play and of course to trap some bears and then proceed to grind higher.At this point I believe the SHS is invalidated, think the chances for it are around 10% after this move.
Note
Now it looks like we have an invertes SHS in the making. It should break out today, maybe even next few hours.Note
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