Bitcoin (#BTC) Head and Shoulders ends current uptrend
I threw away my idea about the major resistance as a profit target. Based on current price action and technical indicators, I likely expect the price drops down. If the idea about H&S is right, we could see one last leg up to $5350-$5450 zone before the price goes down. Then I expect a retracement at around $4800 and then another drop to the lower channel line, at around $4400 and maybe deeply to $4200.
On a daily chart, Bitcoin marked $4980 as a support zone. If we try to measure H&S pattern, we see that it plays quite well as a H&S neckline. However, the price has already hit this area three times (white arrows), which means that more and more liquidity is taken and support becomes more weak.
This is a short-term trade.
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On a daily chart, Bitcoin marked $4980 as a support zone. If we try to measure H&S pattern, we see that it plays quite well as a H&S neckline. However, the price has already hit this area three times (white arrows), which means that more and more liquidity is taken and support becomes more weak.
This is a short-term trade.
If you like my TA, please hit that "like" button, follow me or leave your comments. Thank you.
Comment:
No BTC analysis update today. I'm watching H&S scenario. BTW Bart pattern works well :-)
Order cancelled
> 1D RSI remains flat, 1D MACD continues to confirm continued decline. OBV also indicates a declining interest of traders. If we look at BB - Bitcoin remains under BB's Bias line for 5 days.
Summary - H&S idea remains valid. Smaller TF look like Bitcoin could go up in short term. That's why i think that the high of right shoulder hasn't been achieved yet. Regarding to Bitcoin's HF, I think that Bitcoin will see levels below $5K soon.