Hello traders!

BTC is giving lots of stress to many traders as it is staying in the same range for many days, no it’s time to scan BTC to see where it’s heading.

The first pattern in the picture is the Head and shoulder pattern and it failed to drop hard. It’s a sign that the market doesn’t want to move down.

The second pattern is the ‘J’ shape pattern and it’s the pattern that is formed to drop hard. Normally market dump from the peak of this pattern and sometimes it forms expanding Channel pattern at the top of ‘J’ pattern and the market drop after that.

The third pattern is expanding channel and after the breakout of expanding channel market moved towards the bottom and after that it always retrace back towards the start of ‘J” pattern and drops exactly from there. It was the perfect setup and the market gave a successful drop but again it failed to drop hard. Normally it moves least 1:1 or 1:2 size of the J pattern but in this case, it failed to move towards the downside and it is another sign that the market doesn’t want to move downwards.

My true reversal point is at 37475, the market can rise from here or it can arise suddenly after a breakout of 38200 support.

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