DrDovetail

Slight upward movement; Still inside bear pennant…Potential H&S?

BITFINEX:BTCUSD   Bitcoin
We seemed to potentially break upward for a second from what was lookign finally like just a standard bear flag....but once again after no huge impulse in volume followed the upward movement it became clear that we still hadn't ahd a breakout and lines needed to eb adjusted once again....We can now see that we are still inside an ascending triangle of a bear pennant and since we have now gone up in price action, that puts a potential head and shoulders in play....Should we dip again by having a bearish breakdown from this bear pennant it would very likely have enough bear momentum to break the neckline of this currently hypothetical head and shoulder pattern....a break of that head and shoulder neckline and thus a validation of the head and shoulder pattern would be bad news as the projected price drop target would take us under the current projected upward slope of the Eve Bottom to around the 7300s. That would not encessarily invalidate the eve it would simply mean that the upward slope may be wider than originally thought and need adjusted....but needless to say it is a much better outcome overall if the price action can find a way to break upward out of this current bear pennant. For now, I am neutral and hodling my position....but am prepared to short with a stop loss around 7830 should we break down from the current pennant. You choose your own path as this is only what I am doing and not financial advice. Thanks for reading!
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