Macro and Micro H&S forming. Potential bear reversal.
Updated
Obviously we will have to wait for these patterns to develop fully, but I am seeing the potential formation of a micro-trend H&S mimicking the one we saw after first testing $5000. In addition, there is potentially a macro-scale HS& forming with $6000 being the head and $3500 being the potential neckline. This is all leading into Segwit2x hardfork mid November. Not sure if this is relevant, but the last bear market we saw a drop from $1100 highs to ~$160 bottom, or a 85% decline. The price target for the macro H&S is roughly $1000, which would be a 83% decline from $6000.
Just something to keep an eye on. We don't know what impact Segwit2x will have on the market, but I imagine it will shake things up a bit more than the past two hard forks. Awareness is key in these crazy markets.
*This is not intended to be trading advice, and should not be taken as such. You should do your own analysis and trade based on your opinions formed individually*
Just something to keep an eye on. We don't know what impact Segwit2x will have on the market, but I imagine it will shake things up a bit more than the past two hard forks. Awareness is key in these crazy markets.
*This is not intended to be trading advice, and should not be taken as such. You should do your own analysis and trade based on your opinions formed individually*
Trade closed: stop reached
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