In the face of the looming bearish downtrend, BTC has risen in the past couple days. Sentiment has become bullish due to SEC actions in the States. However it is of note that the rally began immediately after falling from a previous H & S on the 1H, dragging along close below the neckline and testing it twice. It has remained under it ever since but never made its drop. Now a new potential H & S is forming, which if triggered would still have an endpoint back down around 7035. Also below you can see the bearish divergence off of the lows that also confirm this as a reversal signal. This move is made null and void if price shoots above the top of the head at $7580.
Of note, some have posted a potential inverted H & S that is a bit smaller and would have an end move around $7700 where I do believe we are capable of moving at this time. I will say I am less convinced of this pattern than the downward one as at least on the one hour a wick shoots past the middle of the neck line. You can see the supposed "head" between the head and right shoulder that I have marked.
I have no open trade at this time.
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H & H triggered. Now as of late BTC has been resting every fall very quickly before making the full dump. I am curious to see if it bounces up from 7400 for the retest.
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Testing, not resting. Sorry. As of late EVERY dump has had a quick retest which is somewhat unusual and will make for a much harder time pumping later as we will have LOTS of confirmed resistances.
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The neckline is currently at 7475 when BTC fell through it.
I spotted that as well. Let's see if it does complete. But I see a strong support at 7100 ~ 7200 range that will probably make it bounce up once again, short term.
Jeff_Cryptopop
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@bsbcrypto, Yeah, I doubt it would do it all in one quick move. Thanks for sharing.