Bitcoin possible Head n Shoulders pattern
A HnS pattern appears to be forming in BTCUSD H4 chart. I do not like to trade HnS alone. I d like to have extra technical evidence which allow me to build a case for entry. In this case except the HnS pattern there are few more things which lines up with the short position.
- The overall trend is bearish (higher timeframes are downtrending)
- Multiple resistance levels above us
- We retested the broken uptrend line in daily chart and got rejected already
Risk/Reward is not great, but it's still more than 1:1 so I consider it as acceptable.
Entry 7890$
Stop 8178$
Target 7511$
- The overall trend is bearish (higher timeframes are downtrending)
- Multiple resistance levels above us
- We retested the broken uptrend line in daily chart and got rejected already
Risk/Reward is not great, but it's still more than 1:1 so I consider it as acceptable.
Entry 7890$
Stop 8178$
Target 7511$
Trade active
Trade closed: stop reached
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