InvestingScope

Repetitive patterns on 1D solidify the shorting approach.

Short
BITFINEX:BTCUSD   Bitcoin
The 4H chart has stabilized (RSI = 54.964, CCI = 35.7101, Highs/Lows = 0.00) following a price jump from 7,800 to 8,300 completing an Inverted Head and Shoulders. 1H is trading sideways (RSI = 45.804, Williams = -52.906 on High Volatility ATR = 47.0094) on its 8,065.1 - 8,301.7 neckline. As you see on the previous Fibonacci retracements that formed the Lower Highs on the 1W bearish chart, there are recurring patterns that signify when that Top is reached (indicated with the eclipse and curve shapes). With the limit of this uptrend at 8,691.40 (just above the 1D 0.618 Fibonacci retracement point (8,383.30)), a Lower Low > 7,800 is expected. The TP set remains 7,380.40, 6,855, 5,617.40.

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