I have never seen anything like it. Double head and shoulders inverse head and shoulders and all within a giant wedge.
Most theories will look simply at support levels. This is Bitcoin and its not that simple. We need a contrarian thought process:
Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend. Does this mean we are bearish or bullish. Based on support levels the bears are in control.
BUT
We are also in massive wedge formation on an upward trajectory. Given the inverse head and shoulders one could speculate that this will force the price to break the upper resistance line of the wedge and then we will be in a VERY big bull run.
Most theories will look simply at support levels. This is Bitcoin and its not that simple. We need a contrarian thought process:
Head and shoulders formation occurs when a market trend is in the process of reversal either from a bullish or bearish trend. Does this mean we are bearish or bullish. Based on support levels the bears are in control.
BUT
We are also in massive wedge formation on an upward trajectory. Given the inverse head and shoulders one could speculate that this will force the price to break the upper resistance line of the wedge and then we will be in a VERY big bull run.