Bitcoin (BTC) Evening Update: Short IHS Pattern Invalidate but Medium to Longer Terms Remain Unchanged
The very short term IHS pattern for Bitcoin (BTC) has been invalidated with the decline towards $8,466 but as the next charts will show, the bigger picture remains unchanged. The below chart shows that the decline is patterning out to be yet another wedge (blue). Price being so close to the apex should rise out.
The wedge fits into the larger IHS pattern and a riseout would allow the completiong of the Right Shoulder (RS). For this pattern, the $9,700 remains a critical juncture as the the Neckline resides at that price level.
The below chart still shows that the primary pathway is likely to be the white arrow. The long term support line has held and is expected to repell upwards another touch if it occurs.
The blue D wave option also is still valid and the subwaves of the abc is still in progress. Let's see how the overnight price action plays out. Zooming in and out from short term to longer term allows much better perspective than a single segment myopia.
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