Bitcoin is following a head and shoulders pattern and seems to have reach its final right shoulder. Bitcoin has been overextended on the monthly chart for a while and a pullback looks impending. This bottom range of the right shoulder looks to be around the 55k range for a healthy pullback.
Everyone wants crypto to go straight up without thinking of the necessary progressions of price action. A pullback and consolidation would be necessary to gain momentum into a future breakout to the 100k area, which may be a very big area of psychological resistance.
Buy the rumor, sell the news. People have been buying the rumor of the bitcoin halving taking place in a couple weeks, and we are starting to see a selloff of the news with that date approaching. The good ol' stock saying of "Its priced in". The pullback most likely will continue into May/June (one month post halving), before the real true run-up will begin!
Like every halving of bitcoin, we have seen significant run up in price up until 12-18months post halving. So with that being said, it does seem very likely bitcoin will complete its inverse head and shoulders patter, followed by a breakout of ATH towards the end of 2024. The last quarter of the year will be an exciting time in the crypto space where there will be a lot of opportunity!!!
#bbtrader29
Everyone wants crypto to go straight up without thinking of the necessary progressions of price action. A pullback and consolidation would be necessary to gain momentum into a future breakout to the 100k area, which may be a very big area of psychological resistance.
Buy the rumor, sell the news. People have been buying the rumor of the bitcoin halving taking place in a couple weeks, and we are starting to see a selloff of the news with that date approaching. The good ol' stock saying of "Its priced in". The pullback most likely will continue into May/June (one month post halving), before the real true run-up will begin!
Like every halving of bitcoin, we have seen significant run up in price up until 12-18months post halving. So with that being said, it does seem very likely bitcoin will complete its inverse head and shoulders patter, followed by a breakout of ATH towards the end of 2024. The last quarter of the year will be an exciting time in the crypto space where there will be a lot of opportunity!!!
#bbtrader29