BitcoinShort
Be Careful Now!
Crypto Trading Fam,
It's time for me to put out a note of caution. I have been bullish but a few days ago while doing my video, I spotted this pattern mid-session, hoping I would be wrong. Looks like I was not. The H&S pattern has now formed. This means we have an 85% probability that we'll drop to our next support of 75k. Yikes!
Now, 15% of the time a H&S pattern can fail. We can only hope this will be the case. But while hoping, prepare your SLs. Could get ugly for those alts!
✌️ Stew
It's time for me to put out a note of caution. I have been bullish but a few days ago while doing my video, I spotted this pattern mid-session, hoping I would be wrong. Looks like I was not. The H&S pattern has now formed. This means we have an 85% probability that we'll drop to our next support of 75k. Yikes!
Now, 15% of the time a H&S pattern can fail. We can only hope this will be the case. But while hoping, prepare your SLs. Could get ugly for those alts!
✌️ Stew
Note
I should note that I have NOT exited any of my trades yet. I have my SLs set appropriately and will allow them to do the work.Note
So, let's say that the H&S pattern actually doesn't play out. Though, the environment seems like it may get even more bearish, I think we are nearing a local bottom in either case. If the H&S pattern plays out, I think it will be quick, a quick wick down to flush out as much leverage as possible, but then we'll likely head back up fairly quickly.
In another scenario though, the H&S pattern fails completely. When a H&S pattern fails (only 15 percent of the time), it fails big and there is usually extremely aggressive price action to the opposite direction. Supporting this possibility is this bull pennant pattern seen in this chart. Supposing 92k'ish holds, we could also see a bounce to the topside of that pennant. A breakout from this point could propel us quickly up to 140k.
Note
Positive reaction on 3.2% yearly inflation, DOW/SPY futures already pumped! Bitcoin pumping. Bullish wedge may turn out to be the correct scenario. 
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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