davelunlun

BTC/USD: Huge Inverted Head and Shoulders by Early of May 2018.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Wave 2 could end at $8,342, and it's also the beginning point of Wave 3.

Complete targeted Wave 5 (estimate by Early of May 2018) may form a Huge Inverted Head & Shoulders , which indicates BTC/USD could potentially hit $33,000 by EOY 2018.
Comment: Short Term Target: BTC/USD should stay above $9,000 and decisively break resistance $10,200 to ensure the uptrend momentum keep continuously stay strong.
Comment: BTC/USD has a strong Support at $9,000, which is also the 200 days MA level. The next strong Support Zone will be $8,000 - $7,000. However, it seems like going to test the 0.618 Fibonacci Level ($8,200), and then bounce back to form a double bottom pattern.
Comment: BTC/USD is staying above the 200 Days MA & the major Down Trend Line (white line), those both are the strong Supports. Still, it needs to decisively stay above 50 Days MA & 20 Days MA to ensure bullish.
Comment: BTC/USD could drop as low as $6,800. If $6,800 major uptrend line Support broke, it will going to re-test $6,000 level.
Comment: Wave 2 possible ended at $7,665. It has been retraced 0.71 of Wave 1.
Wave 2 often sharp & deep. Theoretically in most of the time, it would retrace to 0.618 - 0.786 of Wave 1.
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