In this post I will give you an update that is slightly more detailed than my usual macro updates. I have been contemplating the possibility of this head and shoulders forming for several months now. BTC might find temporary support if we crash down to the low to mid 9k region and we could get quite a nice bounce after filling the $9.6k CME gap. That level is also close to the macro 38.2% Fib and our previous symmetrical triangle support level. If we do get a bounce from that area but the bulls fail to retake the 12k region again, the formation of this massive head and shoulders will be pretty much inevitable.
Please note that this is only one of several possible bearish outcomes so I will only be closing some of my shorts in that region to reopen them higher during the formation of the right shoulder. I will be happy to temporarily lose some profits on my other macro shorts opened around $12k. Also, bear in mind that I am not trying to accurately predict the time frame of this right shoulder and it could drag on for a lot longer than expected.
See you in a future update and don't forget to follow me if you don't want to miss out on future posts!
Please note that this is only one of several possible bearish outcomes so I will only be closing some of my shorts in that region to reopen them higher during the formation of the right shoulder. I will be happy to temporarily lose some profits on my other macro shorts opened around $12k. Also, bear in mind that I am not trying to accurately predict the time frame of this right shoulder and it could drag on for a lot longer than expected.
See you in a future update and don't forget to follow me if you don't want to miss out on future posts!
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Guys, guys... this post is a joke. But only if I am wrong! ;) Seriously though, I did not expect this post to blow up like it did so I don't want anybody else other than me to lose money. This is not financial advice. I will update this post when more info emerges!
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I will adjust the right shoulder's shape and duration in the next post if it will seem that the pattern could play out. It will look much better. Stay tuned!
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Here is my update:
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Hey, a quick update. So the H&S was definitely invalidated. We will have to see if the WXY macro scenario will still play out. 13.8k is the key level to watch!
