I'm taking some liberties here, but that's what ideas are all about, right? If we take a macro view you can see that we never fully confirmed the ATH for 2017. Compounding this, we have this Frankenstein complex head-and-shoulders possibility. We may consider the peaks from Feb-May as its own H&S and we also must consider that they together form a head for an even larger H&S. Beyond the head-shoulder-ception, the volume pattern also somewhat supports this theory. From January until the ATH in April we saw a rising price and falling volume across the board. Certainly more recently we've seen a huge spike in volume and an unconfirmed break away from a mid-term falling wedge or symmetrical triangle (depending on how you look at it). Due to this, I wouldn't be surprised if it made it passed 42k or even above 50k before coming back down. I would refer to a smaller TF chart to predict these possibilities more accurately. Beyond that, there's not currently much fundamental reason why this pattern should even take place. However, I think we all know by now that fundamentals can spring up at just the right technical times... if you catch my drift.
One thing's for sure, right now the market is ripe with head and shoulders patterns. Normal or inverted, bitcoin seems to love them. It's worth keeping an eye on.
One thing's for sure, right now the market is ripe with head and shoulders patterns. Normal or inverted, bitcoin seems to love them. It's worth keeping an eye on.