Here is Bitcoin...it looks very similar to Litecoin! That means sentiment cycles are in phasic period. This Bitcoin Head and Shoulders pattern showed a break out above the Neck Line (white line) but has dipped back into it. This is actually quite common and prices rise back out and above.
Note how the volume of the LS and RS are both lower than that of the Head (H). This is a good volume confirmation.
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
thanks for sharing @haejin
New high near, i fill it!
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Upvoted 😀 Thanks for sharing your insight!
Hi Haejin, thanks for the insights. The head and shoulders is confirmed.
Does this means we are still in Wave V rather than abc correction? and higher highs are possible?
Furthermore even if higher highs are possible we still need to retrace much of wave v to push towards $7000?
Yes, if prices exceed $4,900 or so. I'm selling into this rise and awaiting the Wave IV; so to me after Wave IV down is done, then Wave V will create $7,000 prices.
Thanks Haejin.
I agree. We need to clean out the Wave III otherwise can not see an significant extension above $4900. Only then $7,000 to $10,000 is possible.
Good post.
Thanks a lot