TradingView
vapecaster
Jul 21, 2019 11:19 AM

Short BTC to 8-7k H&S Short

Bitcoin / U.S. dollarBitstamp

Description

I see a lot of traders are speculating on inverted head & shoulders, but I think we need to look at the bigger picture. BTC was declined at 11k mark, which was a support zone of the main "head", but now it turned into a strong resistnace zone of the right shoulder. Also let's face it: the Libra FUD is over, on a weekly chart we have a massive red "shooting star" which is still in play and also CME Futures will expire on 27th July. So I believe the next week there will be some blood and we are going down to 7-8k zone and afterwards I would expect a strong bounce and the new ATH.

Trade active

Trade closed: target reached

Comments
Bullandbeartrading
Keep it up. Good H&S catch.
mikehill85
Actually, if that H&S completes it would be a complete bloodbath and drop to something like $5,500. That would essentially be the end of shitcoin and the cult of wishful thinking.
More