Bitcoin Target Nailed for Long-Standing Inverse Head & Shoulders
Traders,
Since June of last year, we have watched the start of our inverse head and shoulders pattern begin to form and then complete in March of this year, at which time we broke above our neckline (purple) and began to take aim at our target of 35-37k. Unfortunately, Bitcoin then became rangebound. Today that range was broken. And technically, we can say that our target has finally been met. Though Bitcoin may still have some steam in the tank, it must hold above 31,600 tonight and tomorrow for me to be a believer. Should we break back down below 31,600 all bets are off. We can call this pattern complete and look for the next.
Don't forget that we still have that gap on the Bitcoin CME futures chart sitting somewhere around 20k. Many don't believe we can still hit that, especially with halving t-6 months out, but I am not one of those. Anything is still possible. And now that we have hit that inverse head and shoulders target, it is critical we remain above 31,600 or else the bears will take control again.
Stay tuned here as we watch this closely.
Best,
Stew
Since June of last year, we have watched the start of our inverse head and shoulders pattern begin to form and then complete in March of this year, at which time we broke above our neckline (purple) and began to take aim at our target of 35-37k. Unfortunately, Bitcoin then became rangebound. Today that range was broken. And technically, we can say that our target has finally been met. Though Bitcoin may still have some steam in the tank, it must hold above 31,600 tonight and tomorrow for me to be a believer. Should we break back down below 31,600 all bets are off. We can call this pattern complete and look for the next.
Don't forget that we still have that gap on the Bitcoin CME futures chart sitting somewhere around 20k. Many don't believe we can still hit that, especially with halving t-6 months out, but I am not one of those. Anything is still possible. And now that we have hit that inverse head and shoulders target, it is critical we remain above 31,600 or else the bears will take control again.
Stay tuned here as we watch this closely.
Best,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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