Long on BTC at a weekly support

22 May 2022

BTC is at a weekly support and at the moment COT data show Institutions are closing closing more short positions than longs. There is an inverse head and shoulder structure on the 4hour and if the neckline is broken it could give rise to more bullish sentiments. There is also a possibility of a short term sell to the shoulder level of the inverse head and should on the 4h before a bullish move to break the neckline. On the weekly, it shows bears are losing momentum.