Daily chart for Bitcoin BTC/USD possibly forming an epic Head and Shoulders H&S.
Here's the scenario:
1. From mid Sept to mid Oct we've seen 100% increase in the price of Bitcoin from the support at 3k to an ATH of almost 6k.
2. Mid November a contentious hardfork is locked in with NO replay protection.
3. Confusion ensues, price may dive back to our 3k support
4. Price recovers towards the end of the year back to 5k previous resistance and psychological number.
5. Maybe some unforeseen blackswan event at the start of December pushes price back to 3k support, completing the epic H&S pattern?
I don't think this will happen, mainly because I can't see any upcoming catalyst for the right shoulder completion, but an interesting take anyway.
Here's the scenario:
1. From mid Sept to mid Oct we've seen 100% increase in the price of Bitcoin from the support at 3k to an ATH of almost 6k.
2. Mid November a contentious hardfork is locked in with NO replay protection.
3. Confusion ensues, price may dive back to our 3k support
4. Price recovers towards the end of the year back to 5k previous resistance and psychological number.
5. Maybe some unforeseen blackswan event at the start of December pushes price back to 3k support, completing the epic H&S pattern?
I don't think this will happen, mainly because I can't see any upcoming catalyst for the right shoulder completion, but an interesting take anyway.