On the 4h we closed below the H&S neck line, validating this H&S bearish move. Measuring the size of the head, this will take us close to the next support which is around 8.5k. The 8.5k-8.6k should be the max drop we see in the next couple of days. If this absolutely doesn't hold than the next move down is towards the 50 day low of ~7.5k to support of ~7k. I don't foresee it going lower than this.
So 8.6k should more than likely be the reversal point which is about 35% drop from our previous high. However, the very unlikely but still possible reversal point of 7k-7.5k is about ~45% drop from our previous high. So this can still play out since this is Bitcoin. I will be accumulating at any of these 2 areas.
What are your thoughts?
So 8.6k should more than likely be the reversal point which is about 35% drop from our previous high. However, the very unlikely but still possible reversal point of 7k-7.5k is about ~45% drop from our previous high. So this can still play out since this is Bitcoin. I will be accumulating at any of these 2 areas.
What are your thoughts?
Note
We're still going down. If BTC doesn't close about .5% higher than the H&S neckline which is 10980 or 11,035 than the H&S move is still valid and we're just doing an ABC correction all the way down to ~9.5k or target buy zone.Note
So far the ABC correction has been playing nicely. Adjusting the information, I dont think we've hit bottom just yet. 8.6k-9k should be bottom. We'll see where this goes. 
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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.