The bull case is not done for #Bitcoin but it has been hit hard this last week.
Long ago we mentioned that #btc could pull back a significant amount and still form a bottoming process. The 18,500 area could serve as a right shoulder for an Inverse Head & Shoulder pattern. If it can form this and break the neckline with good volume that was signify at the end of the bear.
Doesn't mean we have to go there but that would be the worst case scenario. We could also form the shoulder in this area where the Gap was just filled. Time will tell. But a lot of damage has been done and it may take time to heal.
A while ago we mentioned that the bear market was done but did notice that the RSI was very weak and the volume wasn't the best either. So why the call was premature noticing those two things were a key.
Long ago we mentioned that #btc could pull back a significant amount and still form a bottoming process. The 18,500 area could serve as a right shoulder for an Inverse Head & Shoulder pattern. If it can form this and break the neckline with good volume that was signify at the end of the bear.
Doesn't mean we have to go there but that would be the worst case scenario. We could also form the shoulder in this area where the Gap was just filled. Time will tell. But a lot of damage has been done and it may take time to heal.
A while ago we mentioned that the bear market was done but did notice that the RSI was very weak and the volume wasn't the best either. So why the call was premature noticing those two things were a key.