Head & Shoulders Above the Rest
We have seen numerous ideas suggesting a BTC Armageddon is coming and who can blame them. There is a huge bearish pennant on the Daily and 4 Hour chart. However, I do not see any indication that panic is about to set in. Instead, I have seen numerous bullish patterns form in the 15, 30, 1-hour, and 2-hour charts within the last week. I think it will all come down to the economic climate over the next six months. Uncertainty is high but economic conditions are strong enough to continue this upward trend. The release from the Federal Reserve last week suggested nothing to the contrary. As you can see from my chart and projection, it is likely we are forming a head and shoulders pattern on the weekly chart. I expect, at some point in the coming months, the Federal Reserve is going to figure out they have absolutely no control over inflation and the economy will begin to slide. It is at this point we can expect a sharp decline in the markets and the price of BTC. If the economy does manage to beat back a recession, this head and shoulders pattern will be negate itself somewhere on the decline. Let's hope it does.
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