$BTC #Bitcoin Short-term potential head and shoulders pattern. Max retrace likely to $53k-54k. Above $64k and it should be negated.
Comment:
No changes as of yet. Potential right shoulder seems to be forming right now. Still holding that $53-54k will be the max retrace and should present a great entry for going long. Retrace should coincide with medium-term EMA cloud. Will need to keep an eye on the buying volume if we hit $53k though because if there's low volume, we could see lower.
Comment:
Cleared the 20D VWAP and is potentially heading towards that $54k mark to coincide with the medium-term EMA cloud. We're going to want to see more buying volume come in at that price and hold at that level - ideally trading sideways for consolidation base before a next breakout above. So far, chart doing what was expedcted.
Comment:
Big move overnight. The pattern is still technically in tact. However, there is an emerging falling wedge that could be very bullish and make this pattern. Will post a separate idea there.