Is Bitcoin struggling again?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After taking profits on Bitcoin short trade setups (see links below), I was carefully watching to see how price would react to the $5,900 area expecting a rally (profit taking).

There was a nice rally up to the $6,600 area. Now, if you look closely there was a complex inverse head & shoulders pattern forming.

The right shoulder was smaller, however the volume was increasing so I wasn't getting my hopes up of a huge rally to the upside. True enough, price popped out the top and fizzled. Failed H&S patterns give clues.

Is this a sign that Bitcoin is struggling again?

I think so... Let's keep an eye on this one for downside continuation patterns.

Please give this trade idea a THUMBS UP and I will keep you updated!

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment: The reason why I didn't take the larger Inv H&S trade is because of the volume on the right shoulder. Should be highest on the left shoulder or head, diminished on the right shoulder.
Trade active: Added more to short position
Trade active: The larger Inv H&S pattern that I alluded too previously has broken out again, but appears to be failing again. Expecting further decay to the downside. If we see a large green candle that takes out my position, things will certainly get interesting.

No stress, position sizing is most important win or lose.
Trade active: Price pushed up suprisingly higher than expected. Managed to add to my short position at nice levels to allow me to reduce risk now.
Trade active: Break below $6,300 should kill off the last of the bulls that are hanging on for dear life.
Trade active: Bitcoin still struggling and im still expecting $5,900.

Remember, this trade idea was based off an earlier failed inv.. head and shoulders pattern.
Trade closed: stop reached: Bitcoin is trading sideways for too long. Slight bullish momentum. False break out of pennant pattern.

I've exited my positions.

you have misunderstood the concept between Head and Shoulder and Invert Head and Shoulder's volume
@SamHuynh, according to?
SamHuynh cheesetoast
@cheesetoast, just do a simple search on google then you will know. You have misunderstood about the volume between Inverse and non-Inverse head and shoulder
@SamHuynh, lol google isnt a good source bro
SamHuynh cheesetoast
@cheesetoast, it is just the basic stuff about volume for Normal and Inverse Head and Shoulders which you have misunderstood. Any websites mention about volumes of Head and shoulder will tell you
@SamHuynh, are you refferring to volume post breakout or before? It is different
SamHuynh cheesetoast
for normal Head and Shoulder, volume on the right should be low before the break out. For Inverse Head and Shoulder, volume on the right should be the highest before the break out. You have switched the concept between the two :)
@SamHuynh, This info you mention might be characteristic for identifying the pattern, but im more interested in performance.

Rising volume trend in h&s top has much better breakout performance.

Declining volume trend in h&s bottom has much better breakout performance.
SamHuynh cheesetoast
it is more like crypto players only care about the shape not about volume. If we understand the reason of inverse and non-inverse, volume will work like I say

What is your opinion on the larger head and shoulders formation. Is the right shoulder a valid shoulder and do you think 4k bottom is possible?

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