The head and shoulder pattern for btc has been confirmed. Note on this little bounce, btc was unable to break the neckline, meaning further consolidation coming! Imo, 7500 is a must hold for bulls, if it drops further, that is not a good sign.
I am seeing a weekly equilibrium pattern for btc. Based on the weekly resistance trend line, we might have seen our lower high, and now will see how low it goes for the higher low. If we break the the high of today, that would put the wick over that resistance line, which would be a pretty bullish signal for me to see this pattern break bullish.
Last time i mentioned an inverse head and shoulders pattern for etherium which led to massive gains if your stop loss was in proper, this time i am seeing the opposite. This trend is also visible for bitcoin and litecoin aswell. Break of that neckline can lead to massive selloff.
BTC had an amazing bounce coming off the break of daily equilibrium, however it is still unable to get past its resistance trend line on the daily chart. I would still be hesitant to short as btc did not break previous lower low of 6000$ last time we bounced off this resistance line. Meaning weekly equilibrium pattern can be forming.
As you can see, CVE was unable to break this key resistance line which has been in play on the daily chart. It is looking highly probable that we break down to lower lows as there was a lot of selling off once we reached that resistance point today.
I am seeing an Inverse Head and Shoulders pattern for ethereum on the 4 hour timeline, where the neckline is at around 418$. However if support at 358$ breaks, then it will no longer be an inverse head and shoulders.