Hi,
After the bounce from 30k, the price of Bitcoin has drawn a "small" consolidation area. "Small" because this is actually inside 5k range :)
After the bounce from 30k to 36k, the consolidation has drawn a smaller Inverted Head and Shoulder (red). A break above 36k can drive the price close to ATH, let's say 40k.
The second chart pattern, known and seen by all - Head and Shoulders (orange). If the right shoulder gets cracked then it is another confirmation that the price can climb to the higher levels because as said, everyone seeing it and it just looks too easy but still it can work out pretty well.
Atm, it is just formation, Head and Shoulders chart pattern becomes valid AFTER it breaks the neckline and atm the neckline is exactly 30k. SO, a break below 30k will activate the mentioned chart pattern, plus the recent strong support break and there might be pretty high odds that the price of BTC will melt again.
Currently, it is hard to point out any specific area but I'll try to keep you posted.
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Go fishing ;)
Regards,
Vaido
After the bounce from 30k, the price of Bitcoin has drawn a "small" consolidation area. "Small" because this is actually inside 5k range :)
After the bounce from 30k to 36k, the consolidation has drawn a smaller Inverted Head and Shoulder (red). A break above 36k can drive the price close to ATH, let's say 40k.
The second chart pattern, known and seen by all - Head and Shoulders (orange). If the right shoulder gets cracked then it is another confirmation that the price can climb to the higher levels because as said, everyone seeing it and it just looks too easy but still it can work out pretty well.
Atm, it is just formation, Head and Shoulders chart pattern becomes valid AFTER it breaks the neckline and atm the neckline is exactly 30k. SO, a break below 30k will activate the mentioned chart pattern, plus the recent strong support break and there might be pretty high odds that the price of BTC will melt again.
Currently, it is hard to point out any specific area but I'll try to keep you posted.
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Go fishing ;)
Regards,
Vaido
Trade stängt: målet nått:
Inverted Head and Shoulders played out nicely, now we need to wait for - what the price does inside the marked area. Basically, it is the last resistance before the new ATH.
Regards!
Regards!
