Right shoulder of H&S. Continuation towards 7k?

May 20, 2018

What we see is a similar patern that took place in the dip from 9.8K - 8.3k. An inverted H&S formed and BTC broke out of a falling wedge but turned out as a bull trap before a further drop to 8.3k. Now, we are making the right shoulder of the bigger H&S with again an inverted H&S and a breakout of a falling wedge but it will likely become a bull trap again and drop to the support level of the big wedge to make the last leg down. The most likely scenario will be a major bounce when we hit the support of the wedge and make another inverted H&S and head to the resistance of the wedge around 9k.

May 23, 2018

Note

We're halfway the drop. Now at 7.6K, next target: 7K