MC94XR7

Are you investing in the right shoulder? Congrats but be careful

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
It is way early to call but it sure loos like the right shoulder of a potential head and shoulders pattern. I have been waiting for a 6800 and now this looks like it is most likely in play now. I also have a diagonal trend line from the 20k peak to the latest high of 8491. I am waiting for a 3rd touch to confirm resistance. Then a nice shorting opportunity awaits to at least the 5.6 region. There are 2 factors that rule against the H&S however: 1 is the volume ; it traditionally requires the left shoulder to have more volume than the head also, the trend should move up into a H&S not from above and bounce into a H&S but then again, this is BTC and I have seen it break a lot of T.A. rules before ;)

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