Bitcoin in Daily TF
• We have a H&S (reversal pattern)& ascending parallel channel on daily chart. Both of these patterns are bearish because there is a higher probability of a breakdown. There is a lot of empty space at the bottom of the parallel channel, and I feel like we need to go down to fill up the price action.
• It can be a great idea to long bitcoin at the bottom of the channel because there is also a POC of the previous expanding triangle and the 0.618 FIB retracement of the previous wave.
What's more, the 200-day moving average could act as support as well. This MA is used by every trader.
If we take a look at the RSI, we can spot a bearish divergence between the last 2 peaks. It looks like the bearish divergence has already been confirmed.
Thank you and for more ideas 👍 and follow me.
