Fractals - Inverse Head and Shoulders
As much as I'd like to see one more lower low, the fractals of the inverse head and shoulders are hard to ignore.
The small head and shoulder broke out to the precise distance of a measured move to form our 1 wave in white. Once resistance of the downtrend, shown by the purple line, is broken we should see a move to the $17,500 level, which also coincides with the 1.618 fib level taken by the wave 1, and retracement of wave 2. If that plays out impulsively, the larger head and shoulder could see bitcoin break all time highs to the $26,950 level - $30,000 level.
The small head and shoulder broke out to the precise distance of a measured move to form our 1 wave in white. Once resistance of the downtrend, shown by the purple line, is broken we should see a move to the $17,500 level, which also coincides with the 1.618 fib level taken by the wave 1, and retracement of wave 2. If that plays out impulsively, the larger head and shoulder could see bitcoin break all time highs to the $26,950 level - $30,000 level.
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