Technically a head and shoulder pattern may correct below the neckline the same distance between the head and the neckline. This potentially puts the H&S downside potential around $13k. This is VERY unlikely to happen as there is strong institutional support around $30k and again around $20k, but we should not be blind to the potential. However, until we close above 
41K on strong volume, this is a countertrend bounce and there is a good possibility of another leg down to shake out traders. If this happens, it will be an excellent long term entry point, but do not try and pick the exact bottom as so many FED and geopolitical factors will determine this. Be organized, prepared, and methodical.
41K on strong volume, this is a countertrend bounce and there is a good possibility of another leg down to shake out traders. If this happens, it will be an excellent long term entry point, but do not try and pick the exact bottom as so many FED and geopolitical factors will determine this. Be organized, prepared, and methodical. 
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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.