When bitcoin made its first attempt at $5000 it exhibited almost identical patterns to the ones it is seeing now. I have colored the areas that seem to almost perfectly match up. If history repeats itself, I would expect a dip here down to $5400-$5300 a rise back up to the head and shoulders neckline around $5850, followed by a sharp terrifying dip to a little below $5000 (maybe further), I wouldnt say long or short yet, but looking at the patterns, if we stall out at $5800 again (completing the other shoulder), get your shorts on, were going for a dip.
Trade active:
So far so good. might be a good point to long if this momentum reverses, keeping an eye on that neckline level as a target.
Comment:
Looking like a good time to short. The pattern is matching almost identically to the one before it, making the H&S. Maybe $4700?
