some key trendlines on the current btcusd chart I’m watching

Dec 10, 2021

We can see price action is currently in a falling wedge…if we break up rom the falling wedge sooner than later it can still function as a pennant. If it does the measured move will be the size of the pole instead of the pennant. So based on our yet to be hit inverse h&s target I lined the measured move up for the falling wedge/bull pennant to be the exact same target that the inv h&s target would be to create confluence and give me a rough idea of where the priceaction should break up from the green falling wedge. We can currently see that the neckline of the inverse head and shoulders(in white) is still holding strong support upon the current retest. No guarantee of course that we won’t jsut crash rom here but I’m currently still leaning bullish. Once we can flip the horizontal line near the top back to solid support it should be go time. *Not financial advice*

Dec 10, 2021

Note

The two ascending red lines also represent a potential neckline for a h&s pattern that has yet to form a right shoulder. I expect them to ultimately hold support and if anything result in a fakeout but there’s also a chance they could trigger if we have some sort of crazy black swan (so far the evergrande default hasn’t been enough to tank us just yet) although the initial dump could have been people in the know front running the news.

Dec 10, 2021

Note

I we were to form a h&s here and also validate it, i it were to reach 100% of its breakdown target then we would officially have a lower low and likely would confirm a bear market. I think probability Avon’s the path up still.

Jan 6, 2022

Note

We have completed the right shoulder of the h&s pattern however i think any dips below the neckline will be strictly to create a bear trap and a breakdown fakeout than an actual breakdown.