The chart speaks for itself. Very simple textbook giant H&S pattern was confirmed via neckline break and 200day rejection followed by confirmation and creation of resistance at the neckline for the second time. 12k is the main target in mind to complete this H&S pattern.... these shorts were entered during the hammers where I have posted. I expect lower prices in the coming months and rest of year. Currently expecting some zig zag movement around 19-22k area for a little while until another wave of bleeding down into 16-15k areas. This is just a rough projection based on what I see. 12k is reasonable level in my mind.
Comment:
If 22300 area breaks nicely and support is created there... Then we can try to target higher prices towards 25k and even 30's up to 33k.... But only if we see 22300 be CLEARLY broken and retested and confirmed.
Comment:
Pay attention to the candle structure
Comment:
Previous moves performed as expected when levels showed us where price will move. Now we are in pinnacle of a very decisive point. If we do not reclaim 25200 and make it support we will continue to ladder our way lower and lower from here. If we do reclaim 25200 we have chance to make a move to 28k-30k levels. There is also option that we test 25200 or just a bit higher once more before moving down. I think in the next 10 months we will see lower bitcoin prices. There are options that I will touch on later