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Magic-Charts

BTC - Possible Head and Shoulders Play

Short
Bitcoin / Tether (KUCOIN:BTCUSDT)  
Magic-Charts  
KUCOIN:BTCUSDT   Bitcoin / Tether
Trend Analysis Support and Resistance BTCUSDT
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trendanalysis supportandresistance btcusdt
It looks like there may be a possible head and shoulders play starting on the BTC 1hr chart. If true, the left shoulder has been formed and we’re just starting to form the very top of the head with support at $33392.

This move would bring us down to test a dynamic line & triangle top formed by the previous wave.

  • Lowering volume shows that the bulls are losing power and that a change in trend may be ready
  • MACD Histogram looks like it may roll over shortly
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