BTC weekly H&S incomplete and 60% pullback from ATH still likely
Despite on-chain metrics showing whale accumulation at current levels, based on market corrections from the past, we're likely to see further downside before going higher. I realize this is fairly simple TA, but the H&S pattern has proven very reliable.
Previous pullbacks from BTC's all time highs have also been in the 60% range, and we're not quite there yet.
The Weekly Head & Shoulders pattern is still likely here with a pull back to 24.5k area, before rocketing higher to a new ATH.
Here are the 3 scenarios I'm 'seeing' because I trade what I see, not what 'should be happening'.
Scenario 1 - We go slowly higher to new ATH at Fib 1 target ($82-85k BTC).
Scenario 2 - We drop slightly to 28k range, then build toward new ATH at Fib 2 target (120k BTC).
Scenario 3 - We drop to trendline support thus completing the H&S pattern, then rise sharply to new ATH at Fib 3 target by the end of 2021 (155k BTC).*
Scenario 2 and 3 would be better for a longer term rise higher for Bitcoin, as it would put in a stronger base.
* Disregard the chart timeline showing 2022-2023, I'm using the weekly to show the pattern and arrows to show likely scenarios but they are not drawn to timeline scale.
Feel free to comment and share other ideas below.
Good trading.
Previous pullbacks from BTC's all time highs have also been in the 60% range, and we're not quite there yet.
The Weekly Head & Shoulders pattern is still likely here with a pull back to 24.5k area, before rocketing higher to a new ATH.
Here are the 3 scenarios I'm 'seeing' because I trade what I see, not what 'should be happening'.
Scenario 1 - We go slowly higher to new ATH at Fib 1 target ($82-85k BTC).
Scenario 2 - We drop slightly to 28k range, then build toward new ATH at Fib 2 target (120k BTC).
Scenario 3 - We drop to trendline support thus completing the H&S pattern, then rise sharply to new ATH at Fib 3 target by the end of 2021 (155k BTC).*
Scenario 2 and 3 would be better for a longer term rise higher for Bitcoin, as it would put in a stronger base.
* Disregard the chart timeline showing 2022-2023, I'm using the weekly to show the pattern and arrows to show likely scenarios but they are not drawn to timeline scale.
Feel free to comment and share other ideas below.
Good trading.
25-year investor & trader, bought 1st BTC at $20
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More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
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