Bitcoin Analysis 5/16/22(Inverse H&S Retest Lower Than Expected)
BTCUSDT Perpetual Contract BYBIT:BTCUSDT
The retest of the Inverse Head and Shoulders came down much lower than most of us expected. $30k seemed liked a reasonable level to retest but it came all the way down to $29,250 and fast, causing a lot of retail traders to get stopped out of their longs and it triggered their shorts. That’s what I believe the institutional traders were trying to do. Trying to go long at the Breakout is tricky because you don’t know if the price will keep shooting up or if it’ll drop lower for a retest.
