If you think BTCUSD will fall even more this summer, then here is a good setup:
- Head & Shoulders are about to be completed. - Parallel lines to the bottom line of the symetrical triangel are working as resistance lines on the last shoulder. - A copy of the left shoulder gives us less than 5 days to complete the Head & Shoulders pattern. In other words it should descend rapidly. - It didn't bounce at the first Gann arc (marked with green circles)
Note! It could jump up to the next parallel line and a stop loss above this level could be used.
Forecast: - Breaking through the bottom line within 5 days. - It will descend all the way down to the 4280$ - The Head & Shoulders Potential, The Gann Arc and The Reversed Cypher Pattern confirms this. - It should turn over arround beginning of July.
Good luck!
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It might be delayed with 4 more days - 9 days in total - before it hits the mark. Reason: The left shoulder has a bit unclear start and end point. I've added the bigger shoulder on the picture below.
Good signs on currently situation: - The Volume is still descending inside the Head & Shoulders pattern. - It didn't break through the inner arc. - It didn't break through the first parallel line.
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Additional good sign: - It broke through the support line (the local wedge marked with blue lines). It tested the support line some couple hours ago but failed to rise further.
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Head & shoulders pattern seems to be completed as we speak.
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We are half away from the final target :D
I think it will do a longer break at 5150 $ before the last leg starts.
could not be more wrong, please do not listen to this FUD
StaniecLukasz
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@sputnikent, Please support your case, play devils advocat, we are here to learn from each other.
mboody1980
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I dont see how so many of you keep calling for sub 6k and even 4k. It seems like new lows with major support have been established since feb and confirmed many times since.
StaniecLukasz
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@mboody1980, I see as still in play, as it's an independent pattern, the previous low in February like you say will be a major support. If it bounces off of that major support then it's in our best intention to go long as hell correct?