Hi Guys and Gals,
I saw this pattern forming on the 1 day chart. The right shoulder doesn't have to go exactly to $8400 - it could go higher, but it would definitely need to close BELOW $9000. Anything above that, and this would invalidate the pattern. It is hard to discount the bullish sentiment that is prevalent right ATM. But we need to keep our emotions out of the equation! I am in cash now, just waiting to see how this pattern plays out. It would need to drop below the neckline at $7475 to be valid. If BTC does not drop below this $7475 area, then we could just move sideways and form a power base for the next blastoff to $20k!
This write-up and accompanying chart represents my own personal opinion. Don't base any trading decisions on it - that would be considered plagiarism! Just put it in your pocket and let's see how it plays out!
I saw this pattern forming on the 1 day chart. The right shoulder doesn't have to go exactly to $8400 - it could go higher, but it would definitely need to close BELOW $9000. Anything above that, and this would invalidate the pattern. It is hard to discount the bullish sentiment that is prevalent right ATM. But we need to keep our emotions out of the equation! I am in cash now, just waiting to see how this pattern plays out. It would need to drop below the neckline at $7475 to be valid. If BTC does not drop below this $7475 area, then we could just move sideways and form a power base for the next blastoff to $20k!
This write-up and accompanying chart represents my own personal opinion. Don't base any trading decisions on it - that would be considered plagiarism! Just put it in your pocket and let's see how it plays out!