BEARISH PATTERN FORMING?

Bitcoin / U.S. dollarBitstamp

Description

⋅ Mar 30, 2020 3:06 PM

Hello Everyone - Happy Monday.

Looks like a possible HEAD AND SHOULDERS forming on this 1hr chart.

If there happens to be any symmetry in this formation, we might be able to determine the PA through the formation of this pattern.

We have some confluence in the higher TF's with our RSI and MACD.

Getting some good movement on the way up there -would close the nearest CME gap as well.

And we are still following the SPX.

What do you think?

Comments

ProjectSyndicate

⋅ Mar 30, 2020 4:46 PM

makes sense. nicely done.

BitCapJNY

⋅ Mar 30, 2020 5:38 PM

@ProjectSyndicate, thank you!!

VincePrince

⋅ Mar 30, 2020 4:10 PM

Good technicals, this is my overall TA on BTCUSD

BitCapJNY

⋅ Mar 30, 2020 4:45 PM

@VincePrince, nice work -I'm tracking the same movem ent

Darkside999

⋅ Mar 30, 2020 3:30 PM

since when could the shoulders be higher than head? did you make it up?

BitCapJNY

⋅ Mar 30, 2020 4:05 PM

@wildbeast, in a complex H&S, the outside shoulders are actually smaller.