Bitcoin just broke the right shoulder of a H&S which will lead to breaking the right shoulder of this massive H&S pattern if it reaches its target. My short term price target is $6600.
Comment:
Looks like the trade needs longer than I anticipated. My target is still valid although BTC will need to build more momentum to break through the neckline.
Comment:
Trade is green though.
Comment:
Although it took longer than expected we just hit $6600 and are losing further ground.
I think BTC will continue to fall further to somewhere between $1500 and $5000.
That is a pretty wide spread but the magnitude of this H&S is making it difficult to make out an exact target.
I think BTC will continue to fall further to somewhere between $1500 and $5000.
That is a pretty wide spread but the magnitude of this H&S is making it difficult to make out an exact target.
Trade closed: target reached