Bitcoin - another failed Head and Shoulders in play?
Potential bullish case for Bitcoin based on 2 key factors:
1) Very similar price action to the last year, mainly referring to the Head and shoulder formation which preceded the run to ATHs. Yes a Head and Shoulders pattern does indicated a bearish reversal, so the important factor hear is that bitcoin rejects the pattern at/around the neckline once again;
2) Taking the fractal that followed the rejection of last years head and shoulder pattern, and using this a rough basis for future price action should the H&S pattern get rejected once more, we would go on to hit a 1.618 fib extension, and the price would also react at key retracement levels (pull back at 0.702, support at 0.5, ATH the fall back to find support at 0.786/0.702/0.618).
1) Very similar price action to the last year, mainly referring to the Head and shoulder formation which preceded the run to ATHs. Yes a Head and Shoulders pattern does indicated a bearish reversal, so the important factor hear is that bitcoin rejects the pattern at/around the neckline once again;
2) Taking the fractal that followed the rejection of last years head and shoulder pattern, and using this a rough basis for future price action should the H&S pattern get rejected once more, we would go on to hit a 1.618 fib extension, and the price would also react at key retracement levels (pull back at 0.702, support at 0.5, ATH the fall back to find support at 0.786/0.702/0.618).
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