We saw an fail, and form a around $11,700. By the time the right shoulder of the iH&S was forming, everyone and their mother was screaming for a $16k target. Now that we saw resistance at $11.7k in the form of a , everyone and their mother is screaming for a retest of the $5.9k low — OR LOWER.
Fundamentals haven't changed, regulatory steps that have been taken recently all point to facilitating investments from big money ... IDK guys. I see strong support in the $6k - 8k range and think we're going to spring board sooner than the majority of the herd thinks — that's how these markets function!!
I think the is too obvious, similarly to how the iH&S was too obvious. If we see a major sell off, I see it being caught around $7,500 — somewhere around the .286 retracement off the local low. But if we do not see any major sell offs in the coming days/weeks, I see us grinding upward towards retesting the local resistance at $11.7k, treating the current stop at 8k as a failed low off the formation and a higher low off the $5.9k low. Oversold Daily supports this argument. Cheers all.