Bitcoin has seen a strong 17% drop from $12.050 to $9.987, which was due to the overall head and shoulders formation that has formed and I completely missed it!
The drop initial started by this double top in the right shoulder
But the question is, was the $10.000 the bottom of this head and shoulders formation?
Well, as you may know head and shoulders is a bearish Trend changing formation.
In order to unvalid this pattern, we need to see a higher high than $12.050.
Currently I expect Bitcoin to show a leg up, max. retest of $11.000.
This is a chart I have published into my group earlier this day
Hopefully my interpretation makes sense!
Good luck with trading,
Tibor
The drop initial started by this double top in the right shoulder
But the question is, was the $10.000 the bottom of this head and shoulders formation?
Well, as you may know head and shoulders is a bearish Trend changing formation.
In order to unvalid this pattern, we need to see a higher high than $12.050.
Currently I expect Bitcoin to show a leg up, max. retest of $11.000.
This is a chart I have published into my group earlier this day
Hopefully my interpretation makes sense!
Good luck with trading,
Tibor
Comment:
Leg down to $10.280 is expected from this bear flag