Possible H&S formation on BTC
Updated
I have to say this H&S really fits here. Usualy I dont like H&S but it makes a lot of sense here to me. Maybe Im too biased here but why I dont think we are ready to go to 8800 to test this triangle top line is cos I dont like the last bottom we had. We never tested the triangle bottom trendline (purple line) and the price action on the last pump was very weird and weak. I see similar structure forming like at the 6400 bottom where we initally pumped then dumped again before we rallied heavy to almost 10k. So I see very possible that we go to 7100 at least before 8800. This H&S gets invalitated if we break last high 7788 and gets validated on a break of the neckline at 7360. H&S target would be 6950 all though I think we would stop at the triangle bottom line (purple line) around 7050 - 7100. Just and idea that would make a lot of sense to me in a TA perspective but of course if everybody is ready to buy it wont happen. Lets see how it plays out!
Trade closed manually
H&S failed. Managed to close my short still in profit with the up move. Since I still remain bearish and I don't trust this up move opened another short on bitmex June futures at 7777. Break and daily close above weekly 50MA at 7850 would invalidate bear. If thats the case I will close short and maybe start to look for longs.
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