An update to the head and shoulders I put out there not too long ago and a few scenarios for you to keep an eye out for:
1) We exceeded the resistance at 'REVERSAL' (possibly a number of short stop losses extending that run). The head and shoulders pattern may now complete as we descend down to the original target.
2) We find support at the neckline and head back up to form an inverted head and shoulders and really then head out on a bull run.
3) This is just a retrace of the reversal (which I highly doubt) and we soon find support and continue back up.
I do believe that scenario number one is the most likely and we will continue with our long anticipated retrace down to approx 4,000 before consolidating and heading up to new ATHs. Whilst I am pleased as we've picked up some nice profits with these extended runs I do feel sorry for the 'man on the street' who got hope and started buying Bitcoin again at these prices.
If you like it, give it a like... :)
1) We exceeded the resistance at 'REVERSAL' (possibly a number of short stop losses extending that run). The head and shoulders pattern may now complete as we descend down to the original target.
2) We find support at the neckline and head back up to form an inverted head and shoulders and really then head out on a bull run.
3) This is just a retrace of the reversal (which I highly doubt) and we soon find support and continue back up.
I do believe that scenario number one is the most likely and we will continue with our long anticipated retrace down to approx 4,000 before consolidating and heading up to new ATHs. Whilst I am pleased as we've picked up some nice profits with these extended runs I do feel sorry for the 'man on the street' who got hope and started buying Bitcoin again at these prices.
If you like it, give it a like... :)
