Bitcoin Dump

Bitcoin made a higher retracement as analyzed on the previous post, forming a lower high at the 29625 region. Back to the fundamentals of chart pattern, clearly a Head and Shoulder has been formed.

Using the 1:1 ratio from the head to the neckline, we could expect a dump down to the low 22000.

I will start taking my short profits at the 24-25k region, and following up with some spots accumulation in the bag.

Cheerios