Head and Shoulders to Bear Flag
Currently,
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around 37k, then breaks
42K, head and shoulders will be complete and the price target would be around 48k.
That movement forms a really clean bear flag. The target of that bear flag is low as 16k, however:
- There is 20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around 20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around 37k, then breaks
42K, head and shoulders will be complete and the price target would be around 48k.That movement forms a really clean bear flag. The target of that bear flag is low as 16k, however:
- There is 20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around 20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
ملاحظة
Update: It did a bearish H&S instead but it doesn't change the price target because the flag pole is the same.
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