Possible shoulder head shoulder pattern scenarios for Bitcoin
There are two shoulder head shoulder pattern on the Bitcoin weekly chart.
1. The first SHS formed between $30000 - $65000
2. The second SHS formed between $40000 - $69000.
A) Bitcoin starts a downward move from its current price, breaking the $40000 band, goes all the way to $30000, and rises again to complete the final shoulder part of a massive shoulder head shoulder pattern that started in 2021.
B) Without doing any of the above, it breaks the $52000 resistance up to $65000 and creates another small SHS as it has done twice before.
In both scenarios, it should close below $40000 or above $52000.
1. The first SHS formed between $30000 - $65000
2. The second SHS formed between $40000 - $69000.
A) Bitcoin starts a downward move from its current price, breaking the $40000 band, goes all the way to $30000, and rises again to complete the final shoulder part of a massive shoulder head shoulder pattern that started in 2021.
B) Without doing any of the above, it breaks the $52000 resistance up to $65000 and creates another small SHS as it has done twice before.
In both scenarios, it should close below $40000 or above $52000.