Solidifying 31.7k as prolonged support could trigger an invh&sWe can see that awhile back we formed a very subtle and tiny left shoulder to this potential pattern that most people may tend to overlook, and the rejection from our most recent high on bitcoin helped solidify a potential neckline for this currently speculative inverse head and shoulder pattern which then gave us the ability to make a measured move guesstimate for its breakout target, and it is quite staggering. From what I’m seeing here, if we were to maintain solidified support above this neckline for a prolonged period of time then it should trigger this pattern and give us the opportunity to reach a breakout target somewhere between 64k and 65k! This of course is the target we are giving when viewing this on the log scale shown here….when you switch it to linear the target you get is around 48k which I think currently is a much more practical target to shoot for than the 65k log chart target,however we may see both come to fruition before Q3 of next year. I anticipate the 48k target before Q2 of next year. I arbitrarily placed the dotted measured move breakout line at November 11th but there’s a chance it could breakup even sooner than that possibly the 29th of October even…also a chance the neckline could maintain resistance all the way well into december or perhaps even as long as ja unwary or February of next year. We must remember that there have been plenty of times in the past, especially during the sideways phase of the market where price can break above the neckline and then ultimately go back under it 2, 3, even 4 times before finally confirming the breakout of the pattern. Must remain patient and vigilant. As Larry Fink stated, many blackrock clients now view crypto as a flight to quality and the way the world is going, we may see people implement those flight plans sooner rather than later. *not financial advice*
