In the 4-hour chart it is likely that a H&S Pattern is forming.
Why do I think that?
It's because in the 4-hour chart we have just touched the 50 SMA, which builds support for the right shoulder on the neckline.
Br, siwe7
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Sorry, not 50 SMA, but MA. It's the green one.
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Note: This scenario depends on the 50 MA, whether it holds or not. If it holds, a H&S seems likely to me. If not, we will see a correction far beyond 10k. best would be around 7k. Than we might see transition from EW 2 to EW 3.
Hey Pal, a lot of other coins have broken the 50 MA already. I think BTC will form an even larger inverse Head and Shoulders soon
siwe7
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@CryptoMagician34, i see this option as well, also because this would conform with a transition from EW 2 to EW 3.
It depends on the 50 MA, whether it holds or not. if it holds, a H&S seems likely to me. if not, we will see a correction far beyond 10k. best would be ~7k.
CryptoMagician34
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@siwe7, Fair, your Smaller H&S could also play into the larger inverse H&S
CryptoMagician34
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@siwe7, we could both be right, we could also both be wrong lol
siwe7
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@CryptoMagician34, the smaller H&S would probably just postpone/stretch the correction a bit.
hehe, that's the beauty on trading, but i hope at least one of has is right... because then i'd have to give up crypto, since it is too complicated, and stick to stocks and funds ;)
siwe7
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*one of us. pity, that there's no edit function...