The massive inverse head and shoulders, I see a very bullish BTC this year. People who say under 5K just dreaming for now, look at the massive supports down there from 6200 to 5K. If we were to break down we should have done it by now. However, we could not even break down 6400 which is supposedly not a very strong support. Seems like the Purple trend line still acts like a bouncer lol. A positive sentiment toward BTC is also developing along with the FUDS. I would say the worst case scenario is to drop to 6K area.
Note
The above is the bullish scenario. Just in case the extremely bearish scenario would reach to a final target of 4200$. Off course we will not drop there like a falling stone. BTC will bounce along the way (Strong bounce expected at 6K and 5500 and 5K). Anything below 4K in this scenario will point to the gravestone of BTC. So there you have it, it is always important to be aware of possibilities and alternatives.
Note
We are still working on the right shoulder the price should travel between 6500-7500. The break above 8400 with volume will confirm the new bullish trend. Until then anything possible even double bottom at 6K area. If BTC drops below the head (February Low) this pattern becomes invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.