After the formation of the second shoulder of the Head and Shoulders Pattern, We are seeing Bitcoin going down to reach Level 1, then a correction before continuing the bearish move and reaching level 2 at least.
back test this... you'll find a LOT of "head and shoulders" like this that never actually become them... better to wait on confirmation for the actual drop and enter short on the retest. That said, I enter high risk a lot on these and just keep my stop loss tight until we cross. But I think, in this case, you'd just get stopped out pretty quick.
stylebh
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@deci8el, Totally agree with you on this point, the pattern will be confirmed only by breaking the neck line.