Everybody talks about this potential head and shoulders pattern on Bitcoin, but I am not sure about it. It somehow doesn't look right with that first 12k touch just before it being higher than top of left shoulder. H & S is top pattern and it's left shoulder should be first of three tops, but it isn't here.
Looks more like an ABC correction from 12500 top to me and I bloody hope it is, breaking 10500 support here wouldn't be healthy. ABC to support was obvious and inevitable and it would be healthy retrace, but breaking that support might mean this was all the sucker rally and we could go much lower than 9600 h&s target. What is not promising though is that many alts took heavy hit today and broke some very, very important supports. Since I can't see the fast bounce from here to make alts drop even further, their further drop, unless they retake those supports immediately, could be caused by more btc drop.
Anyway, it's tricky squeaky bum time. This rally got to a dangerous point, bulls look exhausted and not willing to make strong and fast bounces anymore, even at this very important resistance turned support point. No more V bottoms.
Looks more like an ABC correction from 12500 top to me and I bloody hope it is, breaking 10500 support here wouldn't be healthy. ABC to support was obvious and inevitable and it would be healthy retrace, but breaking that support might mean this was all the sucker rally and we could go much lower than 9600 h&s target. What is not promising though is that many alts took heavy hit today and broke some very, very important supports. Since I can't see the fast bounce from here to make alts drop even further, their further drop, unless they retake those supports immediately, could be caused by more btc drop.
Anyway, it's tricky squeaky bum time. This rally got to a dangerous point, bulls look exhausted and not willing to make strong and fast bounces anymore, even at this very important resistance turned support point. No more V bottoms.