Looks like BTC is forming a giant inverted H&S and could lead to a real break out if it can bounce up over the 50% retrace and hold. if it is forming i'd stack some buys at the green boxes and then see what happens with the inverted H&S to see if it's a break out or it fails.
The 100% retrace resistence with be a big factor in whether btc can take off. it's been very strong through the H&S
The dotted green support at 23.6% is another strong support that that has kept BTC in an overall upward but much slower trend.
I'm also looking at the h&S fib support at 61.8% hopefully that will hold even if the green trend line breaks.
also added the fib ciclic lines to match up to many of the troughs and peaks of this run up and down.
Note i used some gann fan to set up several of the lines but deleted it because it was distracting from the chart. Also a big shout out to MagicPoopCannon for all the great charts that i've learned from!
-AC
The 100% retrace resistence with be a big factor in whether btc can take off. it's been very strong through the H&S
The dotted green support at 23.6% is another strong support that that has kept BTC in an overall upward but much slower trend.
I'm also looking at the h&S fib support at 61.8% hopefully that will hold even if the green trend line breaks.
also added the fib ciclic lines to match up to many of the troughs and peaks of this run up and down.
Note i used some gann fan to set up several of the lines but deleted it because it was distracting from the chart. Also a big shout out to MagicPoopCannon for all the great charts that i've learned from!
-AC