BTC LT bearish scenario
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The last weekly candle gave us a beautiful touch on the neckline of this H&S pattern which Bitcoin might be forming. At this point, it is too early to tell, but it is always best to prepare for the worst. Or the best? Depends on how you look at it.
- H&S pattern forming since October 2019
- Left shoulder took 112 days to form so if the right shoulder takes the same amount of time that would mean: bottom on the 27th of July at 6500 sats; and a return to the neckline around the end of September. Both those levels connect to weekly Support and Resistance points
- This weeks candle will be crucial. Candles like the one of last week tend to have their wicks eaten in the week that follows. Time will tell.
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The last weekly candle gave us a beautiful touch on the neckline of this H&S pattern which Bitcoin might be forming. At this point, it is too early to tell, but it is always best to prepare for the worst. Or the best? Depends on how you look at it.
- H&S pattern forming since October 2019
- Left shoulder took 112 days to form so if the right shoulder takes the same amount of time that would mean: bottom on the 27th of July at 6500 sats; and a return to the neckline around the end of September. Both those levels connect to weekly Support and Resistance points
- This weeks candle will be crucial. Candles like the one of last week tend to have their wicks eaten in the week that follows. Time will tell.
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