Hello Traders
Here is a new scenario for Bitcoin. Patterns are constantly changing so you need to keep updating.
We see a trend channel on the 6 hour chart of Bitcoin. The price of BTC is moving with great precision in this slightly rising trend channel.
Currently the small inverted head shoulder formation has formed a slightly larger inverted head shoulder formation (see my other BTC analysis). Price target for this inverted H-S pattern is +68000 USD.
The target from 68000 USD for BTC seems to coincide with the red trend line and the dotted target line at 68,352 USD somewhere around 16th of May (see the blue arrow).
Even with a pullback to 53,500 USD, the inverted H-S formation remains fully intact.
If we break out above the old all time high then the large Head shoulder pattern of my previous Bitcoin analysis automatically expires because the right shoulder would be higher than the head (last all time high).