BitcoinLong
Bitcoin Inverse head and shoulders?
An idea to inspire others to see the charts from another lens.
This is a overall bullish perspective seeing the potential of Bitcoin forming a large inverse head and shoulders. Upside resistance targets forming a neckline around $54,650 followed by a 2024 pullback to the 0.618 around 28.6k to form the low of a right shoulder.
Breaking the neckline after forming the right shoulder displayed by the black arrow forecast gives targets up to 200k, but anything above all time highs of $69,000 can be considered respectable profit taking zone. Market structure would need to be reassessed should price deviate significantly from the projected path.
Trying to gauge the exact ebbs and flows of the Bitcoin price over the next 2 years is harder than rocket science as the market will of course do whatever it wants, so you should never marry any idea, double down when you're wrong, become overconfident. Always have multiple ideas in your toolkit, identify where you are wrong earlier than others and proceed with dynamism when new data is presented by the market that contradicts your original hypothesis.
This is a overall bullish perspective seeing the potential of Bitcoin forming a large inverse head and shoulders. Upside resistance targets forming a neckline around $54,650 followed by a 2024 pullback to the 0.618 around 28.6k to form the low of a right shoulder.
Breaking the neckline after forming the right shoulder displayed by the black arrow forecast gives targets up to 200k, but anything above all time highs of $69,000 can be considered respectable profit taking zone. Market structure would need to be reassessed should price deviate significantly from the projected path.
Trying to gauge the exact ebbs and flows of the Bitcoin price over the next 2 years is harder than rocket science as the market will of course do whatever it wants, so you should never marry any idea, double down when you're wrong, become overconfident. Always have multiple ideas in your toolkit, identify where you are wrong earlier than others and proceed with dynamism when new data is presented by the market that contradicts your original hypothesis.
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