I drew this Head & Shoulders after we started dwindling from the 20k region. Since, I have been waiting for it to break out out this formation, losing some easy trades in the process.
On the other hand, it could be a continuation pattern but maybe i'm just wishful thinking.
If we break the trend line, it's a 6k target for me.
Yorum
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Apologies for not drawing the arrow the other way around, it was just easier to copy and paste it the same length and move it down
I am on the side of wishful thinking that we are out of H&S also. Check out my chart
deckbsd
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Hello, sorry for my probably silly question (i m new in trading). But regarding this, ok it works, the pattern seems to be there, but don't you think that , the BTC is going to goes up again current january ? Because in my mind, one parts of why the btc goes down it's because of the "end of the year" period, that a lot of investors went away from trading for few days and toke back their coin. For me after this period, BTC is going to rise again. What do you think ?
MattMcilwham
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@deckbsd, This is a 1-hour chart so we have quite a few 1-hour candles before Mid-January when investors come back. Also, large institutions don't really trade cryptocurrency with the exception of hedge funds and possibly some large investment banks. Futures only impact the price if the institution that gives the futures are required to hold the physical asset when a futures contract is taken out.
Just some food for thought. I'm hoping this doesn't work out but other indicators do also point to 8k-8.5k
I am on the side of wishful thinking that we are out of H&S also. Check out my chart