Here on the 1 hr chart you can see that bitcoin had formed a head and shoulders pattern, which indicated a bearish signal. We also had an inverse head and shoulders pattern. Currently, the price is in consolidation. This can either be longed or shorted making it a potential profit for longs and shorts. I'm looking at the $49,000 and $52,000 price levels as potential profit. This can be seen on the chart where the purple lines on the most recent price levels are outlining the wedge pattern for a potential breakout or breakdown in the short term.
Questions and suggestions are welcome!
Questions and suggestions are welcome!