Double Bitcoin Head & Shoulders
Updated
Bitcoin just broke the right shoulder of a H&S which will lead to breaking the right shoulder of this massive H&S pattern if it reaches its target. My short term price target is $6600.
Comment
Looks like the trade needs longer than I anticipated. My target is still valid although BTC will need to build more momentum to break through the neckline.Comment
Trade is green though.Comment
Although it took longer than expected we just hit $6600 and are losing further ground. I think BTC will continue to fall further to somewhere between $1500 and $5000.
That is a pretty wide spread but the magnitude of this H&S is making it difficult to make out an exact target.
Trade closed: target reached
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