Well, you would think it would be an average head and shoulders as we've had 100 times since December's decline... but no. On the 4 hour chart we have an awkward right shoulder clearly missing some growth. I don't like to call this a proper head and shoulders formation but's its the best I've got for now. I don't see many strong support levels in this zone BTC is in. As it rides around this .382 level I expect it to lose quite a bit of steam and begin to make another descent.
It will eventually fall down to the .5 on the fib, leading to a possible minor bounce, but in my opinion I think we've been long overdue for a proper correction, since the bulls clearly had this trap coming for a while. May find a bit of support as we near the .5 fib level and ride around the 8800-8900 range. After hitting that bounce, I expect us to ride .618 and find some major support levels, looking to be around the 8500 zone.
Will keep this updated and happy trading everyone!
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Expecting a bounce back down off the 200 EMA... We're still way above EMA on daily chart.
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CORRECTION bounce off 200 EMA on 4 hour. Looking for this to bounce of the .236