BTC Head and Shoulders Short (Possible Entry Very Soon)

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We have a Head and Shoulders Pattern on the 4H. If we break the neck line around $6100, then we will go short to the next yellow support box ($5550 area).
This support box also has confluence with the Head and Shoulders measured move and the 0.5 Fibonacci from the impulse move down on March 11th.

This trade is valid after closing a 2H or 4H candle below the yellow support box which also has confluence with the 4H 55EMA (green line). Alternatively, you may enter the trade if price ticks below $6035, but this is a riskier approach.

We may see a little pullback around $5900. We have weak horizontal support there as well as the 0.5 Fibonacci from the impulse up on March 18th. This Fibonacci is not show in this chart.

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Entry: 6071

Entry Zone: 6220-6015

T1: 5971
T2: 5895
T3: 5760
T4: 5610
T5: 5456

Stop: 6317.5

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R:R: 2.49
Risk: 4.06%
Reward: 10.13%
Leverage: 5X
Leveraged Risk: 20.3‬%
Leveraged Reward: 50.65‬%




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Disclaimer:
This is not financial advice. I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.

Comment:

The first 4H closure below the yellow support zone was on March 22nd at 9AM. Price then came back up to test prior support, which flipped to resistance. That would have given you a perfect entry.

Comment:

First two targets hit!

T1: 5971 - HIT (8.23% Gain)
T2: 5895 - HIT (14.5% Gain)
T3: 5760
T4: 5610
T5: 5456

Comment:

First three targets hit!

T1: 5971 - HIT (8.23% Gain)
T2: 5895 - HIT (14.5% Gain)
T3: 5760 - HIT (25.61% Gain)
T4: 5610
T5: 5456

Let's get this crypto!