There was a nice rally up to the $6,600 area. Now, if you look closely there was a complex pattern forming.
The right shoulder was smaller, however the 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 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.
No stress, position sizing is most important win or lose.
Remember, this trade idea was based off an earlier failed inv.. head and shoulders pattern.
I've exited my positions.
Rising volume trend in h&s top has much better breakout performance.
Declining volume trend in h&s bottom has much better breakout performance.