BTC misleading

BTC has retraced from the last bounce. This was accounted for, and I expected this to happen earlier. Nevertheless, we can appreciate a H n S reversal. I decided to address this because many YouTubers, "professional traders," are calling this pattern. Although it is undoubtedly forming a Head n Shoulder, the question is: Will the pattern succeed?
In my opinion, this is a bear trap.
The Head n Shoulder lack the typical characteristics of a successful HnS.
The volume has increased in the 2 rallies (left shoulder and head). However, the volume has picked up in the right shoulder close to the support in clear anticipation of the support violation. This could be seen as a good sign that the HnS will be successful. However, in my opinion, the volume has increased too early. I would definitely expect the volume to pick up on the breakout but not before. This suggests we have a selling climax around the support.
Nevertheless, a clear indicator of whether the pattern will be successful is an analysis of the momentum indicators. Although the RSI on the daily timeframe seems close to the overbought area, we have to analyse the RSI in the right timeframe in the contest with the H n S. The HnS has developed in the 4h timeframe. The rsi in this timeframe is oversold, which suggest that the HnS is going to fail. Similarly, the stock rsi is oversold, suggesting again that the pattern will fail. In my opinion, we are about to see a fakeout in the 58 areas to than bounce and reverse the bearish pattern. When the pattern fails, the counter move is usually much stronger than the expected move of the successful pattern. Also, as I highlighted in the chart, you can appreciate we have now formed a bullish pennant. I expect BTC to rise to 74k in the next 10 days, retrace to 65 testing support and then shoot to 93k by the end of November. Things are starting to accelerate.
In conclusion this Head and Shoulder will fail at the expense of many traders pockets.
SL is always in place as i might be wrong. So my SL to protect the capital is at 56k. That level will invalidate my view and set BTC to touch the 52k level.
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Comment:

Hello peeps. Yesterday I suggested that this HnS would fail. The HnS is still looking weak. However the hourly have failed to move appropriately, so I expect a flash drop to maybe touch 56-57 but that will be quickly bought up. This will be a bear trap and stop-loss hunting event. I am not willing on waiting on this drop and I have not changed any of my position, I entered 3 days ago at 59900 and I will stay in. 6% move is not what I am chasing, considering we have a 200% move ahead. I do not want to be left out for my greediness.

Comment:

here we go. Perfect bear trap. Head n Shoulder failed. Get ready for good things coming.

Comment:

told ya :)