BitcoinShort
BTCUSD 3H chart: Textbook Head and Shoulders Top!
Updated
Spotted a neat H&S on the 3h chart for BTC USD. And this time it's a textbook one!
- Left shoulder slightly higher in price than right shoulder.
- Upsloping Neckline
- Pattern confirmed after price breaking the neckline
For reference: thepatternsite.com/hst.html
After the last 3 days of pure Bulls Bitcoin was overextended from the golden cross while hitting the 50 Day MA, a Fibonacci line. A retracement was more than reasonable.
Next potential support is 9100-9300 area which has not been retested yet.
- Left shoulder slightly higher in price than right shoulder.
- Upsloping Neckline
- Pattern confirmed after price breaking the neckline
For reference: thepatternsite.com/hst.html
After the last 3 days of pure Bulls Bitcoin was overextended from the golden cross while hitting the 50 Day MA, a Fibonacci line. A retracement was more than reasonable.
Next potential support is 9100-9300 area which has not been retested yet.
Note
If you want a safer entry, use the TD Momentum Indicator until the red 2 starts trading at the low wick of the red 1 candle. Set your stop loss at the top wick of the red 1 candle
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.