No More New Highs for BITCOIN??
BTCUSD has seen an unprecedented BULL run but I suspect that this run might be over for the short term of the next few months.
What we are seeing is a HEAD and SHOULDERS top after a solid 3 WAVE push higher. Coupled with the right shoulder being a lower high and BTC making a lower low from the previous higher low.
Additionally, there is now a descending channel that can potentially become a type of TRIANGLE pattern but we will see.
While I am not recommending any trade at this point in time because we are not seeing any extremes in price. It is good to be aware that the current BULL run might need a longer period of accumulation before the next BULL wave cycle.
What we are seeing is a HEAD and SHOULDERS top after a solid 3 WAVE push higher. Coupled with the right shoulder being a lower high and BTC making a lower low from the previous higher low.
Additionally, there is now a descending channel that can potentially become a type of TRIANGLE pattern but we will see.
While I am not recommending any trade at this point in time because we are not seeing any extremes in price. It is good to be aware that the current BULL run might need a longer period of accumulation before the next BULL wave cycle.
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