The completed shoulder-head-shoulder pattern structure suggests a potential rebound to test the loss of the uptrend that has been declining since October and March. A possible target is around 4400, though it's worth noting that the path could easily take a different turn. There is no guarantee, as it will undoubtedly depend on the upcoming economic data.
The clock is ticking; the weight of interest rates and the possibility of stubborn inflation have begun the countdown. Undoubtedly, the depletion of savings and excessive credit will impact the economy. Tomorrow, we will undoubtedly begin to shed light on a potential second wave of inflation that would undoubtedly plunge us into a downward trend.
Without a doubt, we will witness Bitcoin surpassing the established highs. However, we cannot cast doubt upon the fact that it will be a challenging journey, one that won't proceed in a straight line. Therefore, this presents a long-term opportunity that we cannot afford to overlook, especially if Bitcoin reaches the $7000 USD mark.
As we can observe, since the highs of July 27th, we have experienced significant declines. Therefore, a possible head and shoulders pattern is forming, indicating a target at 4060. Undoubtedly, the outcomes of Nvidia's results and the Jackson Hole Meeting will be crucial in confirming this hypothesis.
As evident from the current trends, inflation appears to be cooling down, coinciding with a notable increase in interest rates that surpass historical levels. This shift has been accompanied by a deceleration in company performance, hinting at a potential market downturn. It is imperative to address the need to gradually withdraw the injected capital from the...
