I was until today quite bearish after the top formed on April 25 and a second attempt failed. A head and shoulders is quite likely forming, as I mentioned before, but the right shoulder looks quite detached. Yesterday we bounced of from the yellow trendline, and as I said it was best to wait before it would break through.. we didn't and now we're forming a rising wedge which probably is gonna break and get back to the yellow trendline and if it stays inside the white triangle, there is a big chance to create an uptrend again, as it looks quite similar to the triangle break out of April 12. I am personally still out, because I shorted after a 5 wave completion around 9300 usd, even with my alt coins, as this correction could not have finished yet. If it falls back to support and stays in the triangle that could be an early buy signal, though until we break out seriously of the top of the pennant, there is no reversal in sight.
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small correction... I am actually not totally out of this market... I swapped about 25% of all my coins for ONT (Ontology). This is a very stable coin and doesn't react along with BTC, but follows its own path. This coin is quite new, had very stable gains, follows the rules of TA and is a similar coin to NEO, and has a great white paper. It has real use and creates somehow profits on your investment (1+1 > 2, as they mention) I didn't read the whole story, but it should have a great future. (Actually this could be a great platform instead of BTC) I made some TA as well, but still have to make an update.
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what did I just say about Ontology... boom
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so far so good... my first count worked out.... if it surpasses previous high of 9570 usd, and 10000 usd is gonna be tricky... or not at all ! depends of the FOMO of-course... with Ontology as I predicted !