CryptoMoe81
Long

Bitcoin (#BTC) Head and Shoulders ends current uptrend

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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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Comment: Bitcoin is ranging in a small range, between $5190 and $5060 today. So, the technical indicators haven't changed to much and they aren't so useful now. Current price remains below important Moving Averages and they now represent resistance levels.
> 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.
> What I want to warn you is, BB on 4H chart. Look at the narrow shape of channel. This is a precursor to a significant price movement
> Now let's move to 1H chart and pay your attention to white arrows pointing to the areas of liquidity taken. It could mean that the area sligtly above $5K becomes more weak. On the other hand, can we see the signals of another Bart pattern again? Huge drop down, sideway movement and finally a significant move up but below the previous high.

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.
Comment: No BTC analysis update today. I'm watching H&S scenario. BTW Bart pattern works well :-)


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