The BTC/USD 3-hour chart suggests a potential inverted head and shoulders pattern, indicating a possible bullish reversal. Conversely, the daily chart hints at a head and shoulders pattern, suggesting a potential bearish trend. This contradiction creates uncertainty.
The presence of both an inverted head and shoulders (bullish) on the 3-hour chart and a head and shoulders (bearish) on the daily chart creates ambiguity. This is a classic example of a confluence issue in technical analysis.
The inverted head and shoulders could be a fakeout, a deceptive pattern that lures investors into buying before reversing course. The market might be consolidating before a more definitive breakout in either direction.
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As long as btc can hold the 200 ema it looks probable.
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Not a bad R:R. 69k is strong resistance but if anything can break it bitcoin can.
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Lots of resistance on the way. I’m better off with no stops these days.
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Nice set up overall.
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Pennant formed within the larger trend.
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Here is the original set up.
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Classic fake out to shake out the over leveraged traders
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How many people shorted this? Raise your hand.
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Sideways for now.
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Let’s see how this small pennant reacts to a break out.
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Still on track for new ATH. Never in a straight line.