Bitcoin - 30k next target, or will the 44k area hold?
As you can see a head and shoulders pattern has formed, the current support level is around the EMA and support level at 42k.
My theory is that if this level around the EMA is broke then we can expect further downside, how I’ve calculated the downside is by taking the head and shoulders pattern from the head down to the neckline and that has given me the % it could potentially drop.
Depending on price action and how the next days, or week plays out (if it goes into a consolidation phase) that will be vital to understand what happens from here.
Let me know what you guys think in the comments.
My theory is that if this level around the EMA is broke then we can expect further downside, how I’ve calculated the downside is by taking the head and shoulders pattern from the head down to the neckline and that has given me the % it could potentially drop.
Depending on price action and how the next days, or week plays out (if it goes into a consolidation phase) that will be vital to understand what happens from here.
Let me know what you guys think in the comments.