In my previous post I mentioned an inverse head & shoulder pattern that have formed, the idea came when we rejected at 25k and had a CME gap at 20k to fill before a breakout. As we had our breakout we hit our first target of 28k. 😃 As mentioned in my previous post
imo we also formed a inverse head & shoulder pattern. If we will break and close daily candle above 25k our neckline we should see the lvl of may 2022 at 28-33k
Short term we either get a retest of 25k which is addback to longs before 32-33k. Imo is 28-33k tough resistance, when we overcome it we should continue the rally and target 36k, the target of the inverse head & shoulder, and then the fib targets at 42k and 48k. Invalidation will be close below the neckline of the pattern for any reconsideration.
How high do we go? If we repeat the 2019 timeline, then we have 2 months upside before a correction maybee in june.. I hope we see 48k before the known saying "Sell in May and go away" What do you think?
On higher timeframes with Heikin Ashi candles and different indicators, most of them is saying there is many green months to come. Like on this indicator, there has only been 4 green dots printed below the zero line ever, and all led to lots of upside. 😊
I hope you enjoyed the read and leave a comment, how high will we go?
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Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
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