Bitcoin price action under the 200MA on 1D.
H&S pattern was printed and actually BTC broke to the downside.
We might go a little lower just to burn the over leveraged longs completely, but we are due for a bounce & test of the 200MA again.
It is not going to be too obvious, though. Too many people bidding like crazy for those 8200$-8300$ levels.
Time will tell. Even though we are at a logical level for starting building a long position you should be aware that longing BTC now bears bigger risk than normal.
H&S pattern was printed and actually BTC broke to the downside.
We might go a little lower just to burn the over leveraged longs completely, but we are due for a bounce & test of the 200MA again.
It is not going to be too obvious, though. Too many people bidding like crazy for those 8200$-8300$ levels.
Time will tell. Even though we are at a logical level for starting building a long position you should be aware that longing BTC now bears bigger risk than normal.