Possible right shoulder forming heading for a range then dump
XBTUSD has been trading in a range between 6200-6700 for about 20 days now. For the past 2 days we've been in the 6350-6450 range which we just broke out of by breaking 6500. We will probably trade the 6450-6550 range for the next few days possibly through the weekend. If this happens it will form most of the top of the right shoulder of this potential head and shoulders. This would more than likely trigger a hard dump for a blood in the streets Monday. If this plays out we will probably test the trend line around 6000. If that fails we could see a very sharp move down due to some liqsliding.
A very bearish idea for sure but wanted to put it out here to think about.
A very bearish idea for sure but wanted to put it out here to think about.
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