Relief may come soon, H&S possibility up to $5600ish
TradingView (JoeyRocket) - Ver 1. Another possible inverse Bitcoin Head & Shoulders pattern forming. It's still early so I'm not getting all hot and bothered just yet. This would bring some nice relief and boost moral which could be counterproductive in regard to capitulation but would be a nice chance to capitalize off of.
•The first retracement would bring us about 36% up to the neckline at about $4403. This is also the 50% Fibonacci level.
•We could then see another drop up to around 20% which would bring us back near the $3400 range and complete the next shoulder.
•The move from the 0.5 fib level ($4400) to the 0.618 ($4700) fib level could be dragged on a bit since there was some action in that area recently but we could see a sharp, quick move from the 0.618 level back to $5600 area since there was not much support or resistance created there.
•From the top of the shoulder, passing the neckline and completing the pattern would bring us up about 60% to the $5600 range which is a steep move in total.
If this happens, you will see the headlines go from doom and gloom to (Bitcoin is back!) but imo it wouldn't indicate we were out of the woods yet. We could absolutely see more big red days afterwards, maybe even a monster capitulation day. I will keep this chart updated so be sure to click the follow button.
Great luck and please like/share the post if you found this insightful! Please share ideas if you see holes in my TA, it will help me and the people reading this. Thanks!
I'm no pro and I will make mistakes so its always great to get 2nd and 3rd opinions after mine.
Joey Rocket Cryptos
•The first retracement would bring us about 36% up to the neckline at about $4403. This is also the 50% Fibonacci level.
•We could then see another drop up to around 20% which would bring us back near the $3400 range and complete the next shoulder.
•The move from the 0.5 fib level ($4400) to the 0.618 ($4700) fib level could be dragged on a bit since there was some action in that area recently but we could see a sharp, quick move from the 0.618 level back to $5600 area since there was not much support or resistance created there.
•From the top of the shoulder, passing the neckline and completing the pattern would bring us up about 60% to the $5600 range which is a steep move in total.
If this happens, you will see the headlines go from doom and gloom to (Bitcoin is back!) but imo it wouldn't indicate we were out of the woods yet. We could absolutely see more big red days afterwards, maybe even a monster capitulation day. I will keep this chart updated so be sure to click the follow button.
Great luck and please like/share the post if you found this insightful! Please share ideas if you see holes in my TA, it will help me and the people reading this. Thanks!
I'm no pro and I will make mistakes so its always great to get 2nd and 3rd opinions after mine.
Joey Rocket Cryptos
Comment:
Ver 2.
Comment:
Here's what it looks like after hitting option I which flips the chart.