Failed Head & Shoulders, next target $8500
Updated
Hi all,
There had been a big obvious Head & Shoulders patterns building up lately, that I sketched in pink. The neckline (red line) is around $6,000. If it would break, the consequences would be big and price would drop significantly, at least to 5800-6000. But, bulls have been in control of the market lately, possibly trying to raise the price only to sell at high prices and lead to a major dump, so if this is the case then they wouldn't be very inclined to let it happen. We can see that there has been a fake, that touched 50 MA and weirdly relieved back to 6650. It seemed suspicious, and now price already jumped to $7000 making an attempt to break 50 MA daily AND the upper resistance of the downtrend (yellow line) that has been in play since $10,000 (!!). In case this happens, Bitcoin could jump very fast to $8,000 and possibly higher.
Please see one of my previous analysis for a broader view:
There had been a big obvious Head & Shoulders patterns building up lately, that I sketched in pink. The neckline (red line) is around $6,000. If it would break, the consequences would be big and price would drop significantly, at least to 5800-6000. But, bulls have been in control of the market lately, possibly trying to raise the price only to sell at high prices and lead to a major dump, so if this is the case then they wouldn't be very inclined to let it happen. We can see that there has been a fake, that touched 50 MA and weirdly relieved back to 6650. It seemed suspicious, and now price already jumped to $7000 making an attempt to break 50 MA daily AND the upper resistance of the downtrend (yellow line) that has been in play since $10,000 (!!). In case this happens, Bitcoin could jump very fast to $8,000 and possibly higher.
Please see one of my previous analysis for a broader view:
Note
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