Exact Reversal Point on the 4H chart. All the way down to 8.5K

On the 4h we closed below the H&S neck line, validating this H&S bearish move. Measuring the size of the head, this will take us close to the next support which is around 8.5k. The 8.5k-8.6k should be the max drop we see in the next couple of days. If this absolutely doesn't hold than the next move down is towards the 50 day low of ~7.5k to support of ~7k. I don't foresee it going lower than this.

So 8.6k should more than likely be the reversal point which is about 35% drop from our previous high. However, the very unlikely but still possible reversal point of 7k-7.5k is about ~45% drop from our previous high. So this can still play out since this is Bitcoin. I will be accumulating at any of these 2 areas.

What are your thoughts?

Kommentar:

We're still going down. If BTC doesn't close about .5% higher than the H&S neckline which is 10980 or 11,035 than the H&S move is still valid and we're just doing an ABC correction all the way down to ~9.5k or target buy zone.

Kommentar:

So far the ABC correction has been playing nicely. Adjusting the information, I dont think we've hit bottom just yet. 8.6k-9k should be bottom. We'll see where this goes.