H&S on Bitcoin Dominance Chart Completed. Target Reached. BTC up
Hi friends,
The Head and Shoulders pattern on our Bitcoin dominance chart is completed. Down target has been reached perfectly! I mean, to the penny as of this writing. Could the pattern continue? Yes. Is it likely? Meh. At this point, I am banking that Bitcoin makes a bit of a comeback. If I had to guess, I would say that Bitcoin is going to its last most recent high at $64,899 (or thereabouts) and were done for a bit. As you know BTC is in high correlation with the broader markets. I would suggest that at about the time BTC double-tops, the DOW will begin to fall and the Dollar will begin to strengthen. This may be spurred by the Fed threatening to increase interest rates (next meeting will be mid-June). All of these data point tie together and it seems like we are looking at a rather large pullback sometime mid-summer. Be ready friends. But until then, make that $$$!
Happy trading all!
The Head and Shoulders pattern on our Bitcoin dominance chart is completed. Down target has been reached perfectly! I mean, to the penny as of this writing. Could the pattern continue? Yes. Is it likely? Meh. At this point, I am banking that Bitcoin makes a bit of a comeback. If I had to guess, I would say that Bitcoin is going to its last most recent high at $64,899 (or thereabouts) and were done for a bit. As you know BTC is in high correlation with the broader markets. I would suggest that at about the time BTC double-tops, the DOW will begin to fall and the Dollar will begin to strengthen. This may be spurred by the Fed threatening to increase interest rates (next meeting will be mid-June). All of these data point tie together and it seems like we are looking at a rather large pullback sometime mid-summer. Be ready friends. But until then, make that $$$!
Happy trading all!
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
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