More short term downside before heading higher?
In the last few days there has been a lot of talk about head and shoulder pattern. If we look back to 2017, bitcoin had a similar patter, at a similar phase in its bull run.
After breaking out from previous top at 1673, it went on to gain 129% topping at 2960. The immediate retracement was 33% where the head and shoulders started to form. Although it did not end up being a head and shoulder, it continued down another leg for a total of 41% from top before reversing.
If history were to repeat itself, we might be in for about a month of sideways action and slightly more decline before making a massive 10x move up.
After breaking out from previous top at 1673, it went on to gain 129% topping at 2960. The immediate retracement was 33% where the head and shoulders started to form. Although it did not end up being a head and shoulder, it continued down another leg for a total of 41% from top before reversing.
If history were to repeat itself, we might be in for about a month of sideways action and slightly more decline before making a massive 10x move up.