With Bitcoin/USD reaching Highs of 40k this month, there is no doubt the bulls are active. But are they getting exhausted already? Could this be another “hyped” push to the upside? Do you remember when Bitcoin peaked at a high of 18K+ back on December 17, 2017? Regardless of Big Tech Influences, the 4H chart of BTCUSD is forming what looks like a clear Head and Shoulders pattern. Moreover, on a Daily timeframe BTCUSD has recently printed a lower high. Lastly, we can see a clear Symmetrical Triangle Pattern formed on the 4H timeframe. Could BTCUSD break through to the downside and make a major correction? Personally, I’m open to the fact of BTCUSD reaching 50k this year but I also feel that Bitcoin could possibly settle somewhere around the 20-25K range for 2021. More importantly, if BTCUSD makes a clear break through the Neckline of this Head and Shoulders pattern, I will definitely be looking for short opportunities!
Comment:
Just as a reminder, In no way am I saying Bitcoin is about to come crashing down! I am 100% aware that the bigger these impulses are, the bigger the correction will be. But please, be mindful! Trade what you see, not what you think.
Comment:
There has now been a Rising Wedged formed on the 4HR and price has broken this formation to the downside. Price is printing lower highs and lower lows, heading toward the bottom of the Symmetrical Triangle formation. Here is a TradingView Snapshot for reference!
Trade closed: target reached:
Target Reached! 1:12 Risk to Reward Ratio. +10% on one trade.