Rising Wedge will have a target of about 7.4k Head and Shoulders that is forming will have a target of 7.5k This is also a previous S/R level and for BTC to continue up all momentum indicators need to reset in order to break the long-term downtrend line which I believe we will do in a wee or so around 8.2k
would be a great time for BTC to prove its not going to happen :D Cheers mate!! thank you!
dDOGE
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a little premature on the H/S no?
L3gOnD
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@dDOGE, I am not saying to short it right now. For just the H&S you need confirmation so a breakout of the neckline with volume. I am saying though I see price going to 7.5k due to a correction after last leg up, that is a strong S/R level that likely needs retested and this H&S pattern is forming with a perfect profile for it. My last BTC post I have it reaching 7.5k and breaking long-term downtrend line and a bigger inverse H&S at 8.2k to fuel the leg to 9.4k and ultimately the 11.6k Adam and Eve neckline. There is a lot going on bigger picture but this was just what I am seeing short term as a very real possibility and confluence as to how 7.5k will be retested. I think retesting 7.5k is very bullish longer term.