Currently,
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around $37k, then breaks
42K, head and shoulders will be complete and the price target would be around $48k.
That movement forms a really clean bear flag. The target of that bear flag is low as $16k, however:
- There is $20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around $20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around $37k, then breaks
42K, head and shoulders will be complete and the price target would be around $48k.That movement forms a really clean bear flag. The target of that bear flag is low as $16k, however:
- There is $20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around $20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
Note
Update: It did a bearish H&S instead but it doesn't change the price target because the flag pole is the same.
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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.