BTC Bearish? (Fall to $8000-$9500)
Updated
With the pump we've seen in BTC since the beginning of December, it may be starting to slow and perhaps even reverse with an emerging Head and Shoulders pattern. This may be the larger-scale correction we may see after this influx of new money, and falling prices will certainly cause sell-offs from multiple parties.
Based on the height of the head, we could reach as low as $7150, but more likely we will face resistance at ~$9500 or ~$8000, perhaps a little over $6000 at the very least if we break past our $8000 resistance, but this feels unlikely; perhaps we will touch it as a low.
Confirmation at candlestick close ~$13300 USD, but perhaps wait until ~$12720 to be safe. Trade with care.
Based on the height of the head, we could reach as low as $7150, but more likely we will face resistance at ~$9500 or ~$8000, perhaps a little over $6000 at the very least if we break past our $8000 resistance, but this feels unlikely; perhaps we will touch it as a low.
Confirmation at candlestick close ~$13300 USD, but perhaps wait until ~$12720 to be safe. Trade with care.
Comment
CORRECTION: Neckline likely looks much more like this: Confirmation at candlestick close $12600, or $12100 to be safe
Comment
Potential path given major resistances: NOTE: Not scaled to timeframe, I imagine this will all take place from now until Jan. 9th/10th, 15th at the most
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