Zooming out, we are in a long term bear market. With the recent pump, many will assume that the bottom is in at 3.2k, however those who have went through crypto winter knows that it last for months and months.
People are still FOMO-ing at every pump proving that capitulation have yet to occur. We need BTC to reach new lows before new players will find it...
Looking at the bigger picture on the daily chart, we are in a downward channel since Feb 2018.
If AUDUSD is unable to break 0.73246 Resistance, be on the lookout for bearish price action and short.
TP will be next S/R zone at 0.71688.
If it breaks the 0.73246 resistance, you may long the market with tight stop loss, never go against the trend.
Always have Risk...
We saw strong buy volume over the past few days fueled by mainstream news (ETF , Coinbase etc), pushing the price up from 6k to 8.5k. However, the overall Crypto market cap did not increase significantly, the rise of BTC was fueled by the sell off of ALTS. This scenario is very similar to last year when BTC Futures was launched.
8.5k region is a very strong...
![BTCUSD: Head & Shoulders Forming on BTC [Daily]](https://tradingview.sweetlogin.com/proxy-s3/b/BngveB22_mid.png "Head & Shoulders Forming on BTC [Daily]")
