Bitcoin is forming a possible inverse head and shoulder formation which gives us an upside to around $17600. I also analysed the other possibility if we get rejected at the long term down trend line again.
Two scenarios:
- Bitcoin break through the long term downtrend line at around $10900, we head towards the neckline resistance of $11800. We start to close our candles above it consecutively and Inverse head and shoulder will be formed. This will give us an upside of around $17600
- Bitcoin get rejected by the long term downtrend line at around $10900, we become a B wave of a 335 ABC flat correction. We probably will bottom out between .5 to .618 Fib level around $8200-$8900.
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