With the exchange netflow going negative, BTC could be looking at technical indicators support to go parabolic. Will it?
Used by traders to identify price reversals, a bearish head and shoulder has three peaks, with the middle one rising higher than the others. In an instance like this, BTC could reverse an upward trend.depicted a bearish-to-bullish trend. This was because the middle peak dropped incredibly lower than the sides. This signaled a possible end to the downward trend.
Before his latest observation, the analyst had pointed out a historical impulse, correction, and blowoff trend. There, he noted that it was BTC’s current situation. On 20 May, he told his 71,900 followers that Bitcoin could be in line for a large degree of bullish movement, as described by the Elliotwave impulse.Wave 3 – Impulse , momentum
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