Bitcoin: potential iH&S within A&E double bottom(target @$15600)
There is a potential Inverse Head & Shoulders within larger Adam & Eve double bottom developing for #Bitcoin
TARGETS:
Inverse Head & Shoulders target =~ $11 900
Adam & Eve double bottom target* =~ $15 600 (or 1.618 Fibonacci extension at $15 365)
*only IF we break through $11800 resistance & bullishly resolve the 0.386 Fibonacci retracement, I’d expect us to blast through the volume profile gap ($11800-13500 range). After that, I would start looking for shorts in the ‘’reload zone’’ between 0.618-0.786 Fibonacci retracement ($14600-16900 range) before potential slow decline below $5000 later this year.
In case we do not bullishly resolve the 0.386 Fibonacci retracement, I would also expect a slow decline below $5000 before another bullish cycle begins.
TARGETS:
Inverse Head & Shoulders target =~ $11 900
Adam & Eve double bottom target* =~ $15 600 (or 1.618 Fibonacci extension at $15 365)
*only IF we break through $11800 resistance & bullishly resolve the 0.386 Fibonacci retracement, I’d expect us to blast through the volume profile gap ($11800-13500 range). After that, I would start looking for shorts in the ‘’reload zone’’ between 0.618-0.786 Fibonacci retracement ($14600-16900 range) before potential slow decline below $5000 later this year.
In case we do not bullishly resolve the 0.386 Fibonacci retracement, I would also expect a slow decline below $5000 before another bullish cycle begins.
