BTC Still on Schedule

Symmetry still holding up. Normally, I do not expect technical analysis to work like clockwork, particularly with government and central bank intervention going on. Cryptos are a retail-heavy free market though, which translates into a market more emotionally-driven. Technical analysis is ultimately human psychology in action. Counting from when the left shoulder began to form (broke through the neckline) to when it broke higher and began forming the "head" of this head-and-shoulders pattern, I count 39 bars. A perfectly symmetrical breakdown would occur on June 27.

I only point out the symmetry as a curiousity. I'm unaware of any technical value in it, what's more meaningful is the height of the shoulders are of similar size.

In any event, I expect BTC will break lower by early July. I expect a rapid and sizable decline after $30,000 falls. I have accumulated out-of-the money July puts on MSTR, COIN and SQ.