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 than most on TV, but I think its highly unlikely that BTC will get into negative price territory. That said - what the 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
How would you know that "prices moves ... due to many factors in market sentiment, not math"? This is a blind belief is it not?