Looking at the pattern we have on the 4 hour chart, we can make a case for both a symmetrical triangle and a head and shoulders. Targets are quite low at around $25k. I'm currently short since about $34k with a stop loss just above.
This would make a lot of sense from this TA point of view, and match the all time high break of the previous bull market back in 2017 very nicely. After that break there was a huge run up and then an approximately 40% correction before heading up. 40% of our current high $42k just so happens line up great with around $25k!
This would make a lot of sense from this TA point of view, and match the all time high break of the previous bull market back in 2017 very nicely. After that break there was a huge run up and then an approximately 40% correction before heading up. 40% of our current high $42k just so happens line up great with around $25k!