Bitcoin 1W TF with Head and Shoulders
Updated
BTC IDEA :
*The head has been former during November with the wick at $69,000 and after forming the shoulder we retraced .
*Based on the chart I would expect during this months to form the right shoulder and then retrace back to $31,000 . In order for the Head and Shoulders pattern to complete , we need to break below $31,000 . Once it breaks I expect to see a drop back to the $10,000 - $14,000 .
*The reason that I believe that this drop will lead us back to $10,000 - $14,000 , is that if we measure from the Head to the neckline there is a -50% drop , thus when the neckline breaks we will see another -50% .
NOTE : This is just a possibility there are other patterns or events that can affect the market and change this any time , as the market is variable and changes every second .
Later on I will posting another pattern for BTC on Weekly time frame , stay tuned !
*The head has been former during November with the wick at $69,000 and after forming the shoulder we retraced .
*Based on the chart I would expect during this months to form the right shoulder and then retrace back to $31,000 . In order for the Head and Shoulders pattern to complete , we need to break below $31,000 . Once it breaks I expect to see a drop back to the $10,000 - $14,000 .
*The reason that I believe that this drop will lead us back to $10,000 - $14,000 , is that if we measure from the Head to the neckline there is a -50% drop , thus when the neckline breaks we will see another -50% .
NOTE : This is just a possibility there are other patterns or events that can affect the market and change this any time , as the market is variable and changes every second .
Later on I will posting another pattern for BTC on Weekly time frame , stay tuned !
Comment
With the current movement of BTC we are closer to completing the Right shoulder pattern but we still need to go back or close to $60,000 . I will keep updating this thread as we move .Comment
We still have a long way before the Head and Shoulders pattern is complete . Being patient at the time , I still expect a pump over $50,000 , but it might take a while . On the other hand we cant know what will happen , time will tell .
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