We are living days of uncertainty.
Everybody has doubts about the end of the BTC correction. The fact is that you can never envisage the correction with 100% of certainty.
What we can do is to monitor the evolution of the BTC price and do some discerniments or possible scenarios in order to take decisions and place your buying or selling orders accordingly.
Any approach can be valid, MACD, RSI Indicators, EW-Technics, Pattern Recognition etc... But, in my opinion, the analysis which works better for me is the Elliot-Waves combined with Pattern Recognition.
On that regards, I would like to share with you the following chart in which I have drawn a HEAD & SHOULDER Pattern, STILL to be Confirmed (4h-chart):
In this case, the BTC price crosses the NECK-line we would confirm the pattern and so, the consequently downtrend will reach lower levels, very likely with a target drop equal or around the Pattern Height. So, I would expect a drop of the price till 5500 USD (4700 EURO) or so.
That would be the worst scenario.
Pattern Recognition Methods also identifies this Kind of pattern as a very bearish one:
In this case, it will be confirmed if the price rebounds on the upper dashed line and cross the bottom support line, the minimum drop would be here reaching a minimum of 10K USD.
A couple of possibilities between others, but I feel still both are very likely to occur...
So, I prepare my cards conveniently...
*This is just my personal point of view, please, do your own assessment and act consequently.
