Bitcoin continues to defy expectations. What looked like a clean head and shoulders breakdown just days ago has now flipped into a textbook fakeout. Price broke the neckline with conviction – only to reverse hard and bounce perfectly off the 50-day moving average, a key level that’s now acting as support.
Since that breakdown, we've seen four strong green candles in a row, reclaiming not just the broken neckline but also invalidating the bearish pattern entirely. That kind of move catches a lot of traders offside – and squeezes them back in higher.
Momentum is back on the bulls’ side for now. Volume is still relatively modest, but the price action is clear: dip bought, structure reclaimed, and bulls back in control – at least for now.
Since that breakdown, we've seen four strong green candles in a row, reclaiming not just the broken neckline but also invalidating the bearish pattern entirely. That kind of move catches a lot of traders offside – and squeezes them back in higher.
Momentum is back on the bulls’ side for now. Volume is still relatively modest, but the price action is clear: dip bought, structure reclaimed, and bulls back in control – at least for now.
scott.melker@texaswestcapital.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.