Is Bitcoin About to Form a Head and Shoulders Pattern?

Bitcoin is flirting with the 6,750 area resistance and I particularly think this level is very important right now as a failure sets us up for a head and shoulders pattern.

Break Resistance or Head and Shoulders

In my opinion, that is kind of where we are at. Bitcoin needs to establish above 6,800 in order to make way for higher prices. If it fails to do so and we pull back toward 6,250 then we have essentially formed a head and shoulders pattern on the daily chart.

This is a bearish pattern, we would rather not see it.

I explain it more and draw it out in the video below...

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Disclaimer: All info in this post is my opinion and for informational purposes only

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Hi dude, I see the pattern as well but H&S patterns only have statistical significance at the top of a bullish move, which does not seem to be the the case here.
Check out Bulkowski's site:
http://thepatternsite.com/hst.html

Cheers :)

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Appreciate the link!

To the question in your title, my Magic 8-Ball says:

Do not count on it

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

I would prefer it to have another nice drop to fill and bounce actually.

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More basing couldn't hurt, but there is definitely enough already to warrant a move higher as well.

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Definitely agree with that.

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hi @scaredycatguide .. I think yesterday Anthony Pompliano, founder and partner of Morgan creek Digital asset, has predicted that bitcoin price could fall as low as $3000 in short term.. he also said that bitxoin price will another all time high until the middle of 2023.... you might want to check the news.. cheers !! :-)

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Cool, appreciate the heads up. Will check it out.

I am agry with you.

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6800 or bust. black_cat.png

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Looking like we busted....6800 that is! Come on keep going.