Anoinvest

Is bitcoin painting a Head & Shoulders pattern ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone,

nothing serious here. Not even a "real" technical analysis but a bunch of speculation, because TA doesn´t work anyways :D

I think that Bitcoin is currently forming a Head & Shoulders pattern on 4h and we can see a further correction.
Very offten a bull trap happens after such formation before the real sell off starts so this chart is just for paper trading / tracking of such situation.

Lets wait and see how this will play out in upcoming days.

Do not hesitate to leave a comment what you think is comming next or what are your thoughts about current H&S pattern formation.


ChaChain
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Disclaimer:
I´m not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and therefore I´m unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and it is for entertainment purposes only.

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Trade active: soon buy opportunity
Trade closed: target reached
Comment: So far a healthy 50% retracement. RSI reseted well, weak hands shaken.
Comment: Lot of shorts have been closed in this trap drop
Trade closed: target reached:
Comment: Lot of shorts closed, moon mission restored
Trade closed manually

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