Crypto May Be In Trouble!

#crypto #bitcoin #altcoins #headandshoulders

Trading Fam,

I feel dirty for posting these recent titles. They are not intended to be clickbait. I swear. I am only relaying to you what I am seeing in the charts. I never really gained popularity by becoming bearish on crypto anyway. Degens still heart the moonboys. I am not one.

Now, to put it simply, Bitcoin has a 15 percent chance to negate the very ominous H&S pattern I am seeing in the charts. Should it take that 15 percent path, what I am about to say becomes null and void.

If Bitcoin follows the highest probability path here and this H&S pattern plays out (85 percent chance), then you can see the target I have drawn to the downside ...somewhere between 40-50k is my rough estimate. Ouch! This represents up to a 50 percent drop from the current price.

Surprisingly, altcoins appear to be able to fair better. The target I have drawn for the Total3 chart represents a 25-30 percent loss.

Both Bitcoin and Altcoins are on strong support right now. If broken, the targets down become valid.

Total3 shows that the price remains in a descending channel. Should Bitcoin’s H&S pattern trigger, I would expect alts to follow. They would then descend to the bottom of this channel, which intersects with that green support area.

You will also note that I have an “October 2023 Support” trendline drawn on both charts. Both of these trendlines have been broken to the downside, giving further indication of more bearish price action to come.

Be SAFU!

✌️Stew