With Inverted head (H) and shoulders (S) we take the length between the bottom of the H all the way up to the neck line to give us a rough estimate on where the price is heading if/when the inverted H&S is complete. Take this length and place it where it spikes up from the right shoulder and where this length stops off is where this next rise should stop, in or around it, it's why I call it a rough estimate. The only thing we have to wait and see if the 3rd wave up is the full length of this next rise up or it could be the total of the wave 3 up 4th wave down and then 5th wave up.
-- If BTC tries to break the 2nd resistance before coming down to complete 4th wave, we could possibly see it reach near $8,500
-- If BTC just touches the 2nd resistance with out threat of breaking resistance before coming down to complete 4th wave, we might just see it reach $8,000
-- If BTC just tests the second resistance and fails then drops back near to $7,000 its 5th wave up will just reach the 2nd resistance with a possible test on breaking
This is not trading advice. I use these charts for education purpose and for fun. Constructive criticism is welcome
-- If BTC tries to break the 2nd resistance before coming down to complete 4th wave, we could possibly see it reach near $8,500
-- If BTC just touches the 2nd resistance with out threat of breaking resistance before coming down to complete 4th wave, we might just see it reach $8,000
-- If BTC just tests the second resistance and fails then drops back near to $7,000 its 5th wave up will just reach the 2nd resistance with a possible test on breaking
This is not trading advice. I use these charts for education purpose and for fun. Constructive criticism is welcome
