BTC completing the right side of it's "Head and shoulders"...
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Well, you would think it would be an average head and shoulders as we've had 100 times since December's decline... but no. On the 4 hour chart we have an awkward right shoulder clearly missing some growth. I don't like to call this a proper head and shoulders formation but's its the best I've got for now. I don't see many strong support levels in this zone BTC is in. As it rides around this .382 level I expect it to lose quite a bit of steam and begin to make another descent.
It will eventually fall down to the .5 on the fib, leading to a possible minor bounce, but in my opinion I think we've been long overdue for a proper correction, since the bulls clearly had this trap coming for a while. May find a bit of support as we near the .5 fib level and ride around the 8800-8900 range. After hitting that bounce, I expect us to ride .618 and find some major support levels, looking to be around the 8500 zone.
Will keep this updated and happy trading everyone!
It will eventually fall down to the .5 on the fib, leading to a possible minor bounce, but in my opinion I think we've been long overdue for a proper correction, since the bulls clearly had this trap coming for a while. May find a bit of support as we near the .5 fib level and ride around the 8800-8900 range. After hitting that bounce, I expect us to ride .618 and find some major support levels, looking to be around the 8500 zone.
Will keep this updated and happy trading everyone!
Note
Expecting a bounce back down off the 200 EMA... We're still way above EMA on daily chart.Note
CORRECTION bounce off 200 EMA on 4 hour. Looking for this to bounce of the .236
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