After SEC's announcement BTC fell pretty hard and it looks like it found support at the level where the IH&S had the shoulders. On the daily chart we had a TD9 and we fell 26.28% without a correction. Watch the price action at the 0.382 level.
Komen
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At the 0.382 we have the peak of the left shoulder, the 0.382 retrace, the 50 Daily MA and the support of the ascending channel from which we fell.
Komen
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*and the cloud.
Komen
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We wanted to say that the target is 2400$ under the neckline which is at 3715.
Komen
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So, just to be clear, the target is 3715 if BTC creates this H&S.
On a log scale going all the way back to 2013, do you think the price will violate the extreme bottom upward trend-line? I'll look again, but for that trend-line to remain in tact, $2400 is not a possibility unless an extreme pin low happens and then quickly regains the trend-line.
@Kwa, Unless you use the Bitfinex chart on the weekly then I guess your target is possible and much lower too.
JohnNMex
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@Kwa, Unfortunately we didn't choose the right words when we wrote the title because it's misleading. We wanted to say that the target is 2400$ under the neckline which is at 3715
JohnNMex
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@NewMexCapital, If we reach that price (we find that hard to believe even though that is the target if btc creates that H&S) it will be under the line only if it gets there AFTER 11.11.2018 which is very unlikely because if we will start to fall we will fall fast. When BTC is trending it is moving fast with very shallow retraces.
BitcoinBearSlayer
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@NewMexCapital, Thanks for the clarification. Yes, when bit-coin decides to move, it moves fast!