This Analysis is to confirm the H & S analysis bought forward by jpbrown1023. Shout out to him for bringing this plausible opportunity to my attention. His/Her link down below.
As you can see within the chart's text bubbles, there seems to be a number of factors that are favoring the advancement of the right shoulder.
However, BTC still has strong market...
During this time of consolidation at the 7.5K support line, we'll most likely still see Bitcoin make it's way to the trend-line at 7.1k-6.9k, which will be my entry for a long opportunity. If BTC validates the bottom of the triangle, then we can continue into another small bull run up to the 8.8K-8.6k depending on how long it takes to rise.
As for the coming...
Bitcoin most likely will continue its decent to the trend-line around 7.1K to 6.9K.
The green horizontal line highlights a rather strong support/resistance range from the past, thus, we may see a small bounce around the 7.5k - 7.4k range. However, this bounce may not pass the resistance highlighted in blue, and should not be strong enough to break out the...
Bitcoin most likely will be bouncing off resistance and continuing its decent to the trend-line at 7.1k-6.9k. The Horizontal green lines represent previous support/resistance and can cause future small bounce backs.
Based on the previous pattern and overall market attitude, we'll most likely see Bitcoin validating the trend-line again at $6900. Bull runs will only be getting smaller until BTC heads towards the hypotenuse where it will be faced with a major decision. Either break out the triangle and soar to test the 12K mark once again, or fall to new depths.
