BTC Forming right shoulder of H&S...headed down to $15,600?
BTC keeps getting denied at the centerline of the main downward channel. When the upward channel that's been in play since November 21 intersected with the main downward channel there was a steep breakdown. Now I believe we will finish out the H&S as drawn until we reach the bottom of the upward channel on Thursday. Then there will likely be another dump down to support at $15,600 which is also the 0.128 line that has been major support and resistance in the main downward channel.
I think this is really only the beginning of a massive dump until the end of the year. Mercury will be retrograde on December 28 and 6 out of 6 of the last times Mercury has gone retrograde, a major dump has taken place in the 2-3 weeks preceding the exact date of retrograde. We have entered this shadow period now so I think this is only the beginning of several weeks of bears in control. I think we'll see at least $12k before year's end.
I think this is really only the beginning of a massive dump until the end of the year. Mercury will be retrograde on December 28 and 6 out of 6 of the last times Mercury has gone retrograde, a major dump has taken place in the 2-3 weeks preceding the exact date of retrograde. We have entered this shadow period now so I think this is only the beginning of several weeks of bears in control. I think we'll see at least $12k before year's end.