I was expecting more support at 28K for
BTC
but so was the market. Stop losses would have been placed there and so Stop hunting…
Regardless, the support targets in the tweet below remain valid if bitcoin doesn’t bounce.
Keep an eye on this larger H&S forming.
From the top down, we have what may be a zigzag ABC correction. Wave A is complete or almost complete ( if it’s not complete then we go down more here) with the 5 waves down.
We should see a wave B going up (3 wave formation) which would make up the right shoulder of the H&S, then another 5 waves down to complete the correction.
The technical target for the H&S is the bottom of the green box and the target of the large rising wedge (see precious tweets) is the top of the green box and also approx the 200 weekly SMA.
BTC
but so was the market. Stop losses would have been placed there and so Stop hunting… Regardless, the support targets in the tweet below remain valid if bitcoin doesn’t bounce.
Keep an eye on this larger H&S forming.
From the top down, we have what may be a zigzag ABC correction. Wave A is complete or almost complete ( if it’s not complete then we go down more here) with the 5 waves down.
We should see a wave B going up (3 wave formation) which would make up the right shoulder of the H&S, then another 5 waves down to complete the correction.
The technical target for the H&S is the bottom of the green box and the target of the large rising wedge (see precious tweets) is the top of the green box and also approx the 200 weekly SMA.
BiloCrypto