We've had the previous three months the following patterns:
- A Inverted Head & Shoulders that failed. - Two Green Bullish Harmonic Patterns. - One Yellow Sideways Harmonic Reversal Pattern
We're also at the top resistance of a Downtrend Modified Pitchfork.
Now forming:
1. A possible inverted Head & Shoulders which might fail as the previous one did. If this plays out, next target is $7350 and then back to $9000. We’ll see what happens afterwards. 2. A Blue Bearish Harmonic Pattern which would dump around $11600. 3. A Black Head & Shoulders with a target of $6250.
We will see which one plays out. I think personally it will be #3. What do you think?\u2028\u2028
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MACD 4h showing a pennant. I think it will dump to the support of the triangle. Then we will see what happens.
I'm open to a very brief drop to $6,200 where we're see quite a bit stronger buy pressure. That said, Would you care to elaborate as to why you feel a H&S formation is necessary in this situation and not a break of the channel?
majorlee
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boom, right on the money with that 7300 bounce mate
Techmology
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I could see every scenario there work out still TBH. I'd prefer a raise to 12K area and dump till summer though. Fingers crossed!
majorlee
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@Techmology, if we break 9k and close strongly above it, then yes buddy will goto 12k, think market will breathe a bit and get more gust later on
Techmology
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@majorlee, I still see that in the cards by NY open TBH. We're not seeing Bearish divergence in ample time frames yet. if we stay above $8,550 and don't truncate this wave, I think we're in good shape for this scenario. Even so, Side ways from 9k and a boring season I see running out as well.All I can say is if BTC does tank below that trend line, I'll move to BCH and XRP instead after shorting it to the dirt. Hoping BTC is healthier than this but time will tell!
majorlee
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@Techmology, weakness still very present in market and hate to see people get caught up here
all scenarios are pretty valid right now, pretty tricky to go further than a few days ahead but just gotta keep open to it all and that caution will help lessen the risk
Techmology
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@majorlee, Oh yeah, not suggesting anyone assume risk right now by any means. I've certainly reduced mine quite a lot! The time for that was 2k down the hill. . Doesn't really matter what happens, we're nearly certain to pull back below where we are at this time regardless of immediate path or duration.
Nelty
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I'm leaning towards the first scenario! Bearish short term, then flip to bullish.
victoryaugustus
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nice chart
atorrealba
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these simple patterns won't work on Bitcoin, it has more advacned harmonic pattern tradings being completed. For instance in February we had a bearish deep crab harmonic complete above 9400 with the final extension leg beign the 11600. Additionally the bearish truncated 5th wave at 11600 prior to March made it easy for bears to regain control above 10k that is the current issue at hand. Is whether or not the bulls have enough impulsive motive to take us back above 10k or whether or not that short squeeze was a continuation.