crypto_kiddie

BTC Small H&S

BITFINEX:BTCUSD   Bitcoin
Noticed a small H&S on 15m. Watch for a break of the neckline. Just something to watch out for if you're lining up buy orders. I see us testing the 8.2/3 resistance, but there could potentially be a nice opportunity to get in at a better price if you haven't already done so.

* This is not advice in any way *
Comment:
My target (which I forgot to mention) was around 7930. You can see we tested the head before dropping.

From here, I think we'll see a steady trend back up, but be careful. I could be wrong, but it seems like everyone and their brother likes to short BTC right now until it get's to their "bottom" price. It's also easy to short bull flags since typically the top of the pole is the momentary high until a breakout occurs, then it's a quick sell for bears who quickly become bulls.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.