InvestingScope
Short

Short term consolidation valid. Opportunity for additional short

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC finally took pause on the strond 1D downtrend ( RSI = 34.712, MACD = -154.200) near the targeted 6,082.70 spot (yellow line) and is seen on a three candle consolidation so far. As seen on the chart, the sequence may copy a previous curve pattern as part of the H&S right Shoulder build up. That spike could be an additional short opportunity for those who missed our short call on top. On a smaller time frame, that will also help the 4H (Highs/Lows = -46.8428, B/BP = -233.7241) to accumulate more sellers in ordero to gain the necessary bearish momentum to break June's 5,762.9 bottom. The voume is high enough and rising (35 - 55K) able to sustain this sell off. TP = 5,800 (1W EMA100).
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If it dos form that head and shoulders, would it not break lower - lower 5k's ?
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Here is my TA, as I always said.. has to drop to 5.8k first :)

PM me if you need to get more accurate TAs :)

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