Will this head en shoulders be the trigger for bitcoin?
Updated
Will this possible head en shoulders be the trigger for bitcoin and see new year lows?
As quick as everyone turned bullish and called for moon.. the bears joined the party.. wich leaded to a big sell off
we should have stayed above the 7350/7500 but we didnt wich will now gives us alot of more downwards pressure.
Next support levels:
6800/6700
6300/6500
6100/5800
If we drop below this support, things will look really nasty.. but im not sure if it will hold again..
As quick as everyone turned bullish and called for moon.. the bears joined the party.. wich leaded to a big sell off
we should have stayed above the 7350/7500 but we didnt wich will now gives us alot of more downwards pressure.
Next support levels:
6800/6700
6300/6500
6100/5800
If we drop below this support, things will look really nasty.. but im not sure if it will hold again..
Note
we've seen some bulls trying to push the prize back up to 6400 to create an inv head en shoulders but the sell pressure is just to big wich will lead to another move down.. bitcoin is showing no strenght at allDespite all our higher timeframes are highly oversold
Note
oke so.. bulls did defend the 6200 level heavily,and we saw some momentum to the upside, we didnt saw the drop like i mentioned above wich is a good sign.. but we are now already making the right shoulder of the h&s i think we can rally toward 7000 dollars or a bit lower and then eventually go back down to 6100 level and then brake the neckline. and go below 6000.Note
going down again to retest 6100 level again. Probably going to make the right shoulder from there
Note
tradingview.com/chart/m8DSOfuE/the daily chart looks like a massive h&s to me, the trigger will be pulled very soon
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