BTC is showing a potential head and shoulders formation, similar to before the dump in May. If this pattern plays out, we could be retesting previous lows of 30-28k. Although I am remaining bullish and buying the dip, it is important to see both sides of the market and be prepared for downside. On a bullish note, you could also say BTC is following a similar move from the breakout of the summer-long falling wedge. Here is from May to August
And this is the last month for comparison
If the bullish scenario plays out, we could potentially see a retest of the all-time high. Those targets would coincide with the bump and run pattern I posted on the 22nd, which is still in play
To see that full post, click the chart below:
