This Does Not Look Good For Bitcoin!
🚨🚨🚨 Warning: Bitcoin and Cryptocurrency may be in imminent danger.
Trading Fam,
Real talk. It does not look good for Bitcoin.
I will not make friends with this post. But I’m not into popularity contests. I simply want to show you what the charts are saying.
My old followers know that I ignored the Head and Shoulders pattern I spotted last cycle. Though I got a much higher ratio of “likes” on that one post because I continued to believe in hope and hype ...I paid dearly.
I show my wins. And I show my most embarrassing losses. But one thing I will not do is lie.
After all, there is truly no loss if we learn. And so, we will either win here with me, or we will learn.
I learned. And maybe? So did you. I’m tired of paying for expensive lessons. It’s time to be cautious and preserve our capital.
Though this Head and Shoulders pattern is not even complete yet, we have to put it on our radar. It’s an ominous-looking beast. Over 85% of the time, these things do play out. If you’re into hopium, you might be like, “So you’re saying there’s still a chance”? Well, yeah. I guess. If you want to look at it that way. Maybe, up to a 15% chance, Bitcoin negates this pattern. But let’s review a few of the other bearish indicators that have already played out (I have noted these numerous times in previous posts and videos):
Couldn’t break above that Pi Cycle Top Trendline. Hit it to the ‘T’ three times, but could not break it.
Wyckoff Market Cycle (previous post) currently playing out.
Megaphone pattern (previous post) played out
Bear Flag broken today (though not yet confirmed)
Below that orange 350-day SMA - almost always indicates entry into a bear cycle
A “SELL” signal from my most reliable indicator, The Pivot Zones Indicator.
And now?
Now, we are forming that very ominous Head and Shoulders pattern. I will not ignore it again. A break below that RED 2021 Top Trendline, which is also acting as the neckline, is not good. It’s not good at all.
I’ll leave it at that and let the chart do the rest of the talking.
Take care friends,
✌️Stew
Appreciate the honest retrospective on ignoring the last H&S pattern! The clustered confluence of bearish signals you mapped out is pretty compelling - when you've got 6+ independent indicators all pointing the same direction, it stops being noise and starts being signal. I've personally found that preservation mode beats optimization mode in these environments, especially when even a 15% success rate feels optomistic against that kind of technical setup.