Currently,
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around $37k, then breaks $42k, head and shoulders will be complete and the price target would be around $48k.
That movement forms a really clean bear flag. The target of that bear flag is low as $16k, however:
- There is $20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around $20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around $37k, then breaks $42k, head and shoulders will be complete and the price target would be around $48k.
That movement forms a really clean bear flag. The target of that bear flag is low as $16k, however:
- There is $20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around $20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
Comment:
Update: It did a bearish H&S instead but it doesn't change the price target because the flag pole is the same.
