BITCOIN - Head And Shoulders $-8000!!! 🤯

You heard it here first - Bitcoin heading straight to $-8000 as head and shoulders pattern reveals!!!

...

Well - maybe not.

However price is now in an area of heavy resistance from the left shoulder and also SOW that marks the perimeter of the distribution area.

If price does back down in this area (and I think it will) then a standard measured objective will take price to $-8000.

Now I'm more bearish than most on TV, but I think its highly unlikely that BTC will get into negative price territory. That said - what the H&S does reveal is that a VERY deep continuation is probable if/when this structure breaks down.

The target is reached in a similar way that I calculate fibs. In this case it is a 1:1 ratio.

But in this instance 1:1 is impossible so this continuation pattern will find a different ratio. But what will it be?

Well the next most common ratio is 1:0.618. So lets work this out:

Head to neckline = $36100

$36100 x 0.618 = $22310

So ratio 1:0.618 = 36100:22310

Neckline is $28800

So target is

🥁 🥁 🥁

don't get mad now

$28800 - $22310

= $6490