BTC/USD Head and Shoulders Market Reversal Pattern playing out on the Weekly.
Head: $69K Q4 2021
Shoulder: $24.2K
Neckline: $18.9K
I expect a lot of market participants took advantage of the Q2 2022 bearish rally to hedge/short BTC.
Neckline has already been broken and I expect the downtrend to persist through 2023.
ETH/USD Head and Shoulders Market Reversal Pattern playing out on the Monthly.
Head: $4.8K Q4 2021
Shoulder: $2k
Neckline: $1270
I expect a lot of market participants took advantage of the Q2 2022 bearish rally to hedge/short ETH. Continuation down going into 2023.
Given this weekly closes <$1357 I anticipate price rejecting on any retracement between $1350>X<$1407. Following the liquidity grab from ~$800 price failed to reclimb the #HouseOfCards and is being auctioned off at alarming rates/prices. Swing short will persist through end of Q4 2022 until I see a bottom or my Take profit of $305 is hit. This bull market is...
evident bear market activities. Bottoming patterns typically do look like what we're seeing since the price went sub <$1200 on Oct. 13th. But in this case, price has formed its PA +30% from the bottom. This tells me it could be short lived, and when liquidity for the rally tails off, we'll still see lower lows.
Ascending Triangle for BTC, Horizontal top @ $5330 with an ascending slope bottom support line.
We're going for touch #4 on the top. Retracement should occur for wave/touch E.
BTC has begun it's first impulse wave down after the A-B-C corrective rally from late Nov'.
We'll see a price bounce once it's completed, but that'll just be a corrective wave from this first impulse wave down. The price of that impulse wave shouldn't close above $3500, but it could wick it or get back near it. I target the first wave to finish at around $3251....
