Head and shoulders target and bear flag targets agree on $6000.
This would mean a break of the Green trendline that has been holding all year. Also once we go below $6500 any hope of this being the corrective wave 2 of a new move up will be lost.
I imagine we would bounce up and test it as resistance before a larger selloff happens. This seems most likely and I think we are in the wave 3 to the downside.
I will be watching for a break above the blue descending wedge folllowed by a move above $10k as indicators that the bear is finally over.
This would mean a break of the Green trendline that has been holding all year. Also once we go below $6500 any hope of this being the corrective wave 2 of a new move up will be lost.
I imagine we would bounce up and test it as resistance before a larger selloff happens. This seems most likely and I think we are in the wave 3 to the downside.
I will be watching for a break above the blue descending wedge folllowed by a move above $10k as indicators that the bear is finally over.
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Moving into a rising wedge that usually break to the downside. RSI getting nicely charged and 70ema coming down into the mix.Are there any buyers left at the Green trendline? We'll find out soon enough
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wedge broken to the downside and being tested from beneath. Market seems very timid and unsure right here. I would not be surprised if we see a fakeout and a reversal as everyone piles onto the wrong side of the market and gets 'rekt'.recent price action has formed a inverse head and shoulders which could see us heading up to test the larger yellow neckline and drag this whole thing out another few weeks.
A break to the downside however I think will be swift and will punch straight thru the green trendline and head to $6000.
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Bitcoins pattern has continiued to extend, but even after revisions, has failed to make a higher high. Looks to be working on a smaller h&s and all targets remain to the downside.Note
Nice volume on wedge breakout and H&S breakdown..
time to test the green trendline again. If this breaks I expect a lot of selling.
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well we came within a hairs breadth of the target line. who says that TA doesn't work for crypto's?RSI's are exhausted so a bit of relief is required. But we have a new lower low and this adds more credibility to my idea of us being in the wave 3 of the second downward impulse of a large 535 correction.
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