DrDovetail

btc forming 1hr h&s pattern

BITSTAMP:BTCUSD   Bitcoin
after reaching the first 2 bullish breakout targets we charted of the purple descending wedge and the pink inv h&s target, instead of continuing up to the final inv h&s breakout target we have instead broke back down to retest the final inv H&s patterns neckline. We had a very positive 1 day close back above 12k but we have now gone back down to retest the final inv h&s patterns neckline and actually have broken back inside it again. . .in doing so, we have also now formed a regular bearish head & shoulder pattern on the 1hr chart as well..which if broken has a breakdown drop target of around the 10k psychological level. I will be keeping a close eye on how that develops. For now I'm neutral but should that h&s pattern trigger I will likely become bearish until 10k...however being that the overall trend is still up its still very likely the H&s pattern will no reach its full target and possibly even be a bear trap as well. Patience is key here. Going hyperparabolic has been postponed and we may not be officially through with this correction until we achieve a higher high on the 1 day chart. Patience is key.
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