Bitcoin - Head & Hhoulder Pattern in the process of palying out
Updated
Bitcoin is in a small H&S formation. The RHS has completed with the LHS in the process of playing out , in my oponion.
If this is the case , the next support , resistence and support should mirror the RHS of the H&S ( give or take a couple of hundred)
With the end of the quarter happening 28th of Feb, we have seen traders taking their quarterly profits.
Buy in at the start of the quarter/year(2020) has yield a handsome return of 2x from approx €3.5K to €7.8K ( doubling on investment)
With Q2 commencing on the 2nd March , the said traders have the opportunity to BUY back in knowing we have already reached €9700 in Q1.
If the H&S plays out , we could be looking at the completion of the shoulder in the first 2 weeks into March 2020.
In my oponion, the price action remaining for the H&S completion is as shown here in this illustration, with key prices numbered 1,2,3 &4 .
Lets hope it pays out this way and that the market does not capitulate at the €7400 mark
This is my oponion and not financial advice. It is my contribution to what I see happening on the chart for bitcoin as it is playing out.
If this is the case , the next support , resistence and support should mirror the RHS of the H&S ( give or take a couple of hundred)
With the end of the quarter happening 28th of Feb, we have seen traders taking their quarterly profits.
Buy in at the start of the quarter/year(2020) has yield a handsome return of 2x from approx €3.5K to €7.8K ( doubling on investment)
With Q2 commencing on the 2nd March , the said traders have the opportunity to BUY back in knowing we have already reached €9700 in Q1.
If the H&S plays out , we could be looking at the completion of the shoulder in the first 2 weeks into March 2020.
In my oponion, the price action remaining for the H&S completion is as shown here in this illustration, with key prices numbered 1,2,3 &4 .
Lets hope it pays out this way and that the market does not capitulate at the €7400 mark
This is my oponion and not financial advice. It is my contribution to what I see happening on the chart for bitcoin as it is playing out.
Note
Since my last breifing on the 28th Feb , the chart is progressing as drawn at the time, the H & S has completed to the neckline of the LHS of the shoulder. For completiomn all I am looking to see is the price to move down in the direction of the dotted line towards 7450 according to recent touch points. Lets hope this is the case and we can all take advantage of the lower price for BTC. This is my oponion , your views are very much appreciated.
Note
Note
Note
A potential downside is approaching, if the pattern makes it to the 6 position , there is a potential drop in the order of 20% on its way . If the RHS of the H&S passes through the 7610 mark and continues towards the red line 6 , there is a potential move to €5,900/6K line.This is my oponion and not financial advice and for a record of my prediction of potential downside to the current Head and Shoulders pattern in the final stages of its formation
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