This last week has been crazy in the crypto space following Elon Musk's twitt regarding how bitcoin is not Eco friendly. As much as I don't agree with Elon and that has been debunked many times over the fact still remains, Is Bitcoin due a Correction?
Well the charts don't Lie. It is Clear on the Daily timeframe we see a nice Head & shoulder reversal pattern. Although it may not always play out as we expect which is why we wait for more confirmation like a break of the Shoulder line as you see in my chart which also aligns with a Fresh Demand Zone which has now been tested twice. If price Breaks Zone A I see price going as low as $37k and could consolidate in this zone before bouncing back up.
Let me know what you think?
Well the charts don't Lie. It is Clear on the Daily timeframe we see a nice Head & shoulder reversal pattern. Although it may not always play out as we expect which is why we wait for more confirmation like a break of the Shoulder line as you see in my chart which also aligns with a Fresh Demand Zone which has now been tested twice. If price Breaks Zone A I see price going as low as $37k and could consolidate in this zone before bouncing back up.
Let me know what you think?