MaxHodler

Possible H&S pattern to watch closely with bearish retracement

BITFINEX:BTCUSD   Bitcoin
I am considering a possible Head & Shoulders (in gold on my chart)

This H&S could then be the head of an extended H&S (in red on my chart)

This would result in a possible pullback under its support becoming resistance

Then, direct consequence of these reversal patterns that are H&S :
a bearish retracement of height similar to the height of the H&S

Note that these two H&S are objectively very clean with:
- horizontal support-resistance
- shoulder height equal to half the height of the head

This is an hypothesis, not to be confused with a possible bear trap
Hypothesis that will be invalidated if the price takes off again...
...above the peaks of "the shoulder" then the "head" (which will not be then)
In the opposite case (validated H&S), I propose on the drawing an action plan

This analysis is in line with my previous "related ideas", listed below:
previous warning of bull trap (fractal 2017) + RSI overbought + 2nd bottom in august
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