H&S reaches its precise measured move breakdown target.

19. Mai 2021

BTC has dropped 50% from it's all time high as the pi cycle top indicator has essentially been validated here...however this does not necessarily mean the end of the bull market. We have now seen a healthy bounce once the priceaction reached the exact drop target from the h&s pattern of 30k....anything above 28.7k gives us a higher low on the weekly....normally i look for higher lows and highs on the daily chart but we may have enter a new macrocosm to where a bull market can continue as long as there is a higher low on the weekly instead...time will tell soon enough....there's no guarantee this isn't anything more than a dead cat bounce. However, we can see the hash ribbon indicator is once again very close to a buy signal and it has been quite reliable in the past so this may very well have been the correction. We will have to see where this bounces....regaining 40k as solidified support before the weekly close would be a very optimistic sign. Ideally to see bullish continuation I'd want to see the weekly candle close with the weekly 21ema as support...it's only Wednesday so plenty of time for that still to occur. if this is a dead cat however we need to entertain the possibility that we could fall as low as the weekly 200ma. for now I am neutral.