Short

Head & Shoulders + Rising Wedge. Is Bitcoin About To Dump?

Updated

Price action broke out as I expected in my previous idea and it's currently heading to form a Head & Shoulders around 16700 USD. The reason why the price should fall down eventually is the appearance of a rising wedge pattern. Support at the confluence shown at the end of the right triangle.

There is a pivot between December 31st and January 1st.

Trade active

Almost there.

Trade active

Bitcoin formed an ascending broadening wedge pattern, dumped from it and got rejected after the bounce. Next bounce should around 13500 so we're close to it.

Trade active

Perfect bounce at 13500 as expected. It is either going to 15100 once more now to dump afterwards or directly dumping down to 11k or so.

Trade active

Next stop for BTC at 10200. Could have a bounce but considering the Head & Shoulders pattern, it should dump lower from that point.

Note

Diamond Pattern Formation appeared. These ones normally end up breaking down.

CoinMajesty

Follow the journey of BTC & ZEC:

Art & Coins Feed
t.me/ArtCoinsFeed

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.