BTC continues to test the neckline and support areas with a newly forming secondary formation, the bear pennant. Formation suggests continuing price declines. Once prices break support look for the fall to be heavy and deep. First target projection 7555 approximate.
Price is currently testing the neckline. Just beneath we have support. Once price breaks below those areas the fall would be heavy and steady and to the target with respect to the rules of pattern formation and target projection. You currently have what is referred to as a head and shoulders pattern.
Sometimes you have to have patience and a strong resolve to remain in a market. For those of you who shorted this market to current price you did well. Something in the 143s would be next but remember you now have a gap to fill. Target is 141ish.
On the weekly chart price has broken through support at the 102 and broken through the current level of support of around 89. As long as coffee continues its current descent, look for its next price of 86.15 approximate keeping in mind any pullbacks to support or trading ranges. If 86 is taken out prices could tumble to around 78.
Once price breaks above the pattern there is an 83% chance price target will be met.
Percentage based on a number of successful trades.
There are at least 4 line touches of the upper and lower trendiness of the pattern.