Monday, May 17, 2021 1:05 PM EDT
Bitcoin broke a major head and shoulders neckline over the weekend. Head and shoulder technical pattern setups are bearish once the neckline is broken. The target can be calculated. This break sends a signal to crypto investors to expect further downside to a calculated target of 30,000. Upon the break of the neckline, Bitcoin has already collapsed 10%. Once Bitcoin hits 30,000, investors can start accumulating slowly, understanding the next support is at 20,000. In other words, start buying small and continue to accumulate down to 20,000.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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