On my chart here we can see bitcoin sitting inside and holding the support of an inconspicuous ascending parallel channel.
The top level forms the neckline of an inverted head and shoulders pattern in which the right shoulder formation would drop Bitcoin to the lower target marked. This move would effectively reclaim all liquidity on the chart in a three part movement.
In my analysis, the reasoning for Bitcoin holding this short momentum for 60 days is to collect enough short stop losses IE buy orders to propel the price up at exceptional speed leading a wick landing at the specific location of 33,520 - forming a pattern allowing bitcoin to drop to 16,500 - also made possible by the visible gaps left open full of long stop losses / sell orders.
This is all good for impregnated in the chart and set for an automatic chain reaction to liquidate the entire chart.
The top level forms the neckline of an inverted head and shoulders pattern in which the right shoulder formation would drop Bitcoin to the lower target marked. This move would effectively reclaim all liquidity on the chart in a three part movement.
In my analysis, the reasoning for Bitcoin holding this short momentum for 60 days is to collect enough short stop losses IE buy orders to propel the price up at exceptional speed leading a wick landing at the specific location of 33,520 - forming a pattern allowing bitcoin to drop to 16,500 - also made possible by the visible gaps left open full of long stop losses / sell orders.
This is all good for impregnated in the chart and set for an automatic chain reaction to liquidate the entire chart.