I think there are four possible paths ...
1) drop to low 29k in the next 10 days
2) take off from the neckline in the head and shoulders up to around the 58k area (path I'm leaning towards at the moment)
3) head and shoulders pattern completes and then drops down to the 26k area briefly before climbing back above 29k area ...sideways and then up to the 65k area which would put BTC in a consolidation pattern IMO
4) head and shoulders pattern completes and then we move up like BTC typically does in this pattern (odd but true)
I'm open to all scenarios but a brief up to complete the right shoulder seems like it could be in play soon but we shall see. There are uncanny similarities with the OBV and MACD when the left shoulder broke down to the neck (a coincidence?) If BTC were to do as it normally does and go up from a head and shoulders pattern it would also fit a cup and handle pattern nicely with the 38% fib being hit, then up and sideways before volume comes in and moves it up to?
BTC will do as it wants as I often say. Just look at the technicals and commit or don't but I wouldn't be too overconfident either way. If you enter I would encourage you to keep stop losses. Yes there will be stop loss hunting but its better to be safe than sorry IMO unless you have money to burn which most of us do not.
Take care
1) drop to low 29k in the next 10 days
2) take off from the neckline in the head and shoulders up to around the 58k area (path I'm leaning towards at the moment)
3) head and shoulders pattern completes and then drops down to the 26k area briefly before climbing back above 29k area ...sideways and then up to the 65k area which would put BTC in a consolidation pattern IMO
4) head and shoulders pattern completes and then we move up like BTC typically does in this pattern (odd but true)
I'm open to all scenarios but a brief up to complete the right shoulder seems like it could be in play soon but we shall see. There are uncanny similarities with the OBV and MACD when the left shoulder broke down to the neck (a coincidence?) If BTC were to do as it normally does and go up from a head and shoulders pattern it would also fit a cup and handle pattern nicely with the 38% fib being hit, then up and sideways before volume comes in and moves it up to?
BTC will do as it wants as I often say. Just look at the technicals and commit or don't but I wouldn't be too overconfident either way. If you enter I would encourage you to keep stop losses. Yes there will be stop loss hunting but its better to be safe than sorry IMO unless you have money to burn which most of us do not.
Take care
Comment:
Well #1 is out due to the 10 days I predicted which in hindsight was sort of silly as BTC timing is so hard to predict. I do think it will eventually head down to the 26k area but when is the question. The head in shoulders pattern is definitely in jeopardy at the moment. Bears are winning easily. Barring a LOT of buying volume, I would say BTC drops to the 42k area next, maybe even much lower as it looks weak IMO. Good luck
Comment:
LOL...BTC. Reclaimed the neckline. Let's see
Comment:
IMO when BTC can get over the 200 EMA on the 1HR it will head up to form the right shoulder. If it can't do that I expect a dump. Let's see
Trade closed manually:
I'm going to close this idea out because the course changed some...here is my current thought...good luck!