BTC - Up with Head and Shoulders or Bearish Bat? Time will tell
I find it rather difficult to determine what's likely going to happen here, so many variables, fundamental and technical.
However, there might be two key scenarios on the cards here.
a) We could be in the process to develop a (harmonic!) double Head and Shoulders pattern if we find support as indicated, which would suggest a substantial rally to the next main trend fib level (orange).
b) If price breaks down much further than the rectangular H+S support zone, this would likely invalidate the (green) Head and Shoulders scenario, and instead develop into a C leg retrace of a Bearish Bat (purple price action possible) which might restrict immediate upwards momentum.
No trade advice. This is for posterity, ensure your own research and due dilligence.
Happy trading
However, there might be two key scenarios on the cards here.
a) We could be in the process to develop a (harmonic!) double Head and Shoulders pattern if we find support as indicated, which would suggest a substantial rally to the next main trend fib level (orange).
b) If price breaks down much further than the rectangular H+S support zone, this would likely invalidate the (green) Head and Shoulders scenario, and instead develop into a C leg retrace of a Bearish Bat (purple price action possible) which might restrict immediate upwards momentum.
No trade advice. This is for posterity, ensure your own research and due dilligence.
Happy trading
Comment:
Development on target...
Comment:
Support found right on support box drawn, and ... well... that escalated quickly. BIP91 prospect helps for sure.
Trade closed: target reached:
next fib level reached, trade closed.
I'll wait for further confirmation after BIP91 lock-in before I go long again.
I"m sceptical about a pump going much higher than 2750ish.
By numbers it's virtually impossible now for BIP91 to fail this period, thus price should have already pumped higher if that was on the horizon.
Not popular, but I expect a potential decline.
No advice, do your due dilligence.
I'll wait for further confirmation after BIP91 lock-in before I go long again.
I"m sceptical about a pump going much higher than 2750ish.
By numbers it's virtually impossible now for BIP91 to fail this period, thus price should have already pumped higher if that was on the horizon.
Not popular, but I expect a potential decline.
No advice, do your due dilligence.