Bitcoin formed a head and shoulders on the daily and failed to materialize, providing us failed head and shoulders targets around 80-84 and 100k.
We can back up confirmation of our failed HS by where we stopped along the initial correction after moving up, right at the top of our left and right shoulders.
A secondary confirmation of the overall move was when we got a breakout of the wedge that had been forming, which also provides near identical targets.
A tertiary confirmation was just recently received when we successfully re-tested the top of the wedge that we broke out of.
Finally, provide these targets with fibs for confluence and everything lines up within the ranges drawn inside the red boxes shown on the chart.
*** Potentially, if we can actually make and break 100k, a stretch target (2x the length of our failed HS and/or our broken wedge) comes into play around 122k or so. ***
Best of luck with your trades, let's see if this bullish scenario continues to play out as suggested.
Other recent bitcoin ideas are linked below.
Thanks for reading!
We can back up confirmation of our failed HS by where we stopped along the initial correction after moving up, right at the top of our left and right shoulders.
A secondary confirmation of the overall move was when we got a breakout of the wedge that had been forming, which also provides near identical targets.
A tertiary confirmation was just recently received when we successfully re-tested the top of the wedge that we broke out of.
Finally, provide these targets with fibs for confluence and everything lines up within the ranges drawn inside the red boxes shown on the chart.
*** Potentially, if we can actually make and break 100k, a stretch target (2x the length of our failed HS and/or our broken wedge) comes into play around 122k or so. ***
Best of luck with your trades, let's see if this bullish scenario continues to play out as suggested.
Other recent bitcoin ideas are linked below.
Thanks for reading!
Note
Update / Bug Fix:Log chart stretched & screwed up my white arrow failed HS targets, this changes things slightly but overall the plan remains the same. Instead of tighter target areas between 80-84, it's a larger range, 75-84k and then 91-100k
Note
Adjusted stretch target is just under 120k around 117
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Related publications
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.