Bitcoin filling out a right shoulder to a larger inv h&s pattern
Once we flip 50k to solid support which will probably need at least 3 consecutive weekly candle closes above to confirm, that’s likely when this upcoming inv H&S will trigger, for no though that is an incredibly small right shoulder but I’ve seen ones with even worse asymmetry validate so it could, it technically qualifies already as a valid right shoulder right now despite how disproportionately small it currently is. If I had to take a guess I would say it will probably continue forming the right shoulder until late April or May, but it could definitely just validate at any time now that the right shoulder is a valid one. e must keep in mind however that when a neckline is this close to completely horizontal it increases the chances of a fakeout, but despite that, the fact that we are smack dab in the idle of the bull market makes me believe that whatever fake outs were to happen would simply be wicks above the neckline that only returned back below briefly before the eventual validation candle made its way above the neckline to stay. One more bit of bullish confluence is the fact that another inv h&s that I posted a chart on awhile back and validated its breakout back in November still has a ways to go before reaching its full target.In reaching its full target that will put price action well above the neckline of the inv h&s shown here and will very likely trigger its breakout on the way to reaching the first ones target like some sort of Bullish Butterfly effect or domino effect. This confluence greatly increases the probability of this inv h&s ‘s breakout being validated. *not financial advice*
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I posted the chart from the previous inv h&s that we are stil heading to the target of down below. Its target is $51549.
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Bitcoin is already breachin the neckline.
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The right shoulder it formed is fairly tiny, so it would still be very plausible that price action dips back belo the neckline 1 or 2 more times before the real breakout. Then again, if it’s parabola time, it could also very well validate the breakout by tomorrow’s candle. Got my moon boots on but also some cash on the sidelines as well ready for any legitimate dips so I’m good to go either way. SEND IT! *not financial advice*
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It’s really starting to feel like bitcoin is confirming the breakout fro this pattern…of course there’s still time for it to 180 and dip back below, but this most recent impulse seems to indicate that probability highly favors the breakout being confirmed here.
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Already 1/4 of the way to the breakout target.
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Took 15 candles to validate the breakout so as I hypothesized it was the 3rd weekly candle that confirmed the breakout.
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About 3/4th of the way to the target give or take.
