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

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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

πŸ₯ πŸ₯ πŸ₯

don't get mad now

$28800 - $22310

= $6490


Lmao your TA is getting terrible
+12 Reply
dRends35 wat43534543
@wat43534543, Maths isnt everyone's cup of tea especially in the free lunch community.
+5 Reply
SimColm dRends35
@dRends35, hhmm... dude, you'd have to take a look at where this math's logics has actually played out like this. Not undermining your efforts but remember that price in very high volatility markets like these, price is heavily moved by market sentiment. Are whales and big game investors willing to see their investments get absolutely crushed like this?
+1 Reply
dRends35 SimColm
@SimColm, I have a whale in the tub here and he tells me that volatility works in both directions.
+1 Reply
SimColm dRends35
@dRends35, Did I say something that suggests otherwise?... Try to comprehend while you read... I'm not saying that volatility moves the price in ONE direction, I'm saying that prices moves in EITHER direction in high volatility markets due to many factors in market sentiment, not math. Furthermore, many wouldn't like to see their investments go down the drain. They'd trigger many pumps and sellouts before a drop like this happens.
+2 Reply
dRends35 SimColm
@SimColm, The good thing about maths is you can check it. πŸ‘

How would you know that "prices moves ... due to many factors in market sentiment, not math"? This is a blind belief is it not?
+1 Reply
@SimColm, Everything you claim the markets are moved by is pure "belief" directly according to your words. This simply is not true. You "believe" "they" will trigger a pump so their investments don't go down the drain. "They" don't play this game. "They" are on the other side before us the "dumb money" even realize. Up or Down.
+2 Reply
SimColm NoOneWhoIsSomeone
@NoOneWhoIsSomeone, Oh ok... So you're playing a "this is subjective" card on me. Because the market being entirely moved by math and not by SUPPLY AND DEMAND is so objective.
DrM200x SimColm
@SimColm, " who is many? you think the whales and the market movers bought at 65k? or 40k? or 30k? they bought at 3k and sold at 65k
SimColm DrM200x
@DrM200x, Exactly... and that's what makes the market move, that's exactly my point. And yes... look at metrics of cold wallets and highly valued addresses that have accrued BTC since price reached 29k for the first time.