Spectacular fail of a call on my part, right here.
Bitcoin very likely to bounce from here.
BTC rejected from the upper trend line of the megaphone pattern (yellow).
It’s now retesting the major support level (white box) which is the breakout zone of the inverse H&S that took place a week ago.
The rapidity with which BTC dropped to this range means it’s likely approaching oversold territory in the short term.
Remember, BTC has been making higher highs and higher lows since the end of August. This is a bullish trend shift.
Therefore, I expect the trend to continue and the likeliest outcome is for BTC to bounce from this zone. This is my base case.
Bears will interpret this downward move as “cycle over”. But they are very likely wrong.
BTC moving up comes next.
BTC will lead this move up. BTC dominance will climb further. ETH/BTC will drop further. ALTS/BTC will drop further. Then after several weeks, ALTS/BTC move up will come.
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