xleratehighlander

Bitcoin Head & Shoulder, Bulls broke down #BTC #Coinbase

COINBASE:BTCUSD   Bitcoin / Dollar
My last graph showed promising news for bitcoin             as it looked like the correction was over.

Over the weekend, the bulls broke down and formed a Head & Shoulder formation. Volume backs this up. Will probably retrace back down to 8k or lower.
Not sure I agree. BTC is in a large Pennant formation, It will go up quite a bit (inside the support and resistance of the pennant), but what is important is to understand what happens thereafter, up or down.
+1 Antworten
@Fragnstein, Mind drawing out what you had in mind? Usually everyone's drawing is a little bit different and I'm quite interested what others think.

Also, I think this is a regular correction BTC is going through. My original Elliot wave correction had it down as low as $8200 in the ABCDE Triangle correction wave, still waiting for E wave to play-out. My next target is BTC will go as high as $32,000 later in the year.
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