Bitcoin is currently locked in a stalemate having found its legs in the low 3ks and initially breaking, we have been meandering between 4k and 3.5k. 4k appears to be an area of short interest and bulls dont seem to want to buy in until there is some decent volume over 4k. We are stuck aound the volume point of control around 3750-3800.. mid point of the indecision. This wont continue for much longer.. we can see the bbands tightening.
The main concern for the bulls is the inability to make it across this descending resistance level, or the sloping neck of the Inv. H&S.
In my experience, inv H&S with a sloping neckline, tends to disappoint. This is simply because we need to see a trend change in a bear market, which would mean previous highs of the neckline being tested quickly after a pull back... bulls need to be snapping up the buys.. we are not seeing that in the price action.
More convincing work needs to be done by the bulls or we will find ourselves very quickly in a nasty looking beaish pattern. It may be that we need to make a W double bottom on the weekly or retest some lows. i am still long at spot from 3200s as i see generally more bullish risk to reward on the whole, but will be ready to hedge if we cannot hold this current channel up.
The main concern for the bulls is the inability to make it across this descending resistance level, or the sloping neck of the Inv. H&S.
In my experience, inv H&S with a sloping neckline, tends to disappoint. This is simply because we need to see a trend change in a bear market, which would mean previous highs of the neckline being tested quickly after a pull back... bulls need to be snapping up the buys.. we are not seeing that in the price action.
More convincing work needs to be done by the bulls or we will find ourselves very quickly in a nasty looking beaish pattern. It may be that we need to make a W double bottom on the weekly or retest some lows. i am still long at spot from 3200s as i see generally more bullish risk to reward on the whole, but will be ready to hedge if we cannot hold this current channel up.
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Update
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This is not good for the bulls, we have shed 11% value and bulls have increased their leveraged positions c. 35%
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