H&S Forming on 1H

GEMINI:BTCUSD   Bitcoin / U.S. Dollar
There have been quite a few nice trades recently. This could potentially be another one.

From entry to target, we are looking at nearly $1k, if this plays out. If I would have noticed this sooner, I would have entered a much larger order.

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These ideas are not financial advice.
Comment: Patterns within patterns. One of them is bound to play out.

Measured Moves:
- H&S #1: $7k
- H&S #2: $7.8k
- H&S #3: $8.1k
- Bear Flag: $6.8k

Comment: H&S #3 invalidated.

Order cancelled: H&S #2 invalidated too. Closing this idea even though H&S #1 & bear flag are still in play, as this idea was based on H&S #2.

Trade active: The right shoulder never formed. I have adjusted the H&S to take into account the newly formed right shoulder. Also, I reopened this trading idea.

In addition, I noticed some confluence with the previous dump.
- Small H&S formed before massive dump.
- With a breakdown from a rising wedge

We are currently retesting the rising wedge. If it is able to come down from here, we may have ourselves a nice surprise. The 1H MACD looks like we have the momentum for further downside from here and 4H chart is starting to show signs of a bearish downturn.


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