Hello Traders,
Here is another update for Bitcoin where I have removed the smaller head shoulder formations from my previous charts for a better overview.
Here we see on the 2 hour chart of Bitcoin 2 Main shoulder patterns with 2 necklines. The orange neckline 2 and the redder neckline 3.
The orange trend channel that bitcoin has been in since early March has been broken already (wick).
Now we need to look closely at these necklines. If they hold then we will go back up like a rocket. A failed H-S gives that reaction. If we do fall through one of the necklines with a close of a candle then we will really see 29000 usd come into view.
Bitcoin always puts everyone on the wrong track because of its gigantic manipulation. Yesterday Elon Musk sent out a tweet that Tesla will no longer accept Bitcoin for payment of Tesla cars and this is for environmental protection. That's a ping pong tweet. All designed to scare traders and investors out of their Bitcoin.
So pay attention and also check out my other detailed analyses of Bitcoin. Remember, Bitcoin controls the entire crypto market with all ALTS included.