Bitcoin Bearish Long-term Scenario
Not financial advice.
Bitcoin looks to be forming a Head and Shoulder pattern, 2 H&S in 1.
Correction yesterday brought it down where it rested on the short term H&S neckline (Blue) before moving up again.
If it forms a right shoulder and falls, it should rest on the bigger H&S neckline (Red) before forming a larger right shoulder.
In my opinion, it would be healthier for BTC to break the Red Neckline without forming the larger right shoulder in order for this massive bull run to continue.
Could look for short term gains around but would wise to trade with caution.
Bitcoin looks to be forming a Head and Shoulder pattern, 2 H&S in 1.
Correction yesterday brought it down where it rested on the short term H&S neckline (Blue) before moving up again.
If it forms a right shoulder and falls, it should rest on the bigger H&S neckline (Red) before forming a larger right shoulder.
In my opinion, it would be healthier for BTC to break the Red Neckline without forming the larger right shoulder in order for this massive bull run to continue.
Could look for short term gains around but would wise to trade with caution.
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