BTC Head and Shoulders forming
BTC is possibly looking to complete the infamous Head and Shoulder pattern. This is identical to what we just seen in June. Referring to the MACD, we can clearly see divergence, and loss of upward momentum. Another indicator is we have crossed UNDER and CLOSED under the 50 SMA (4HR candles). A break and close below the neckline will confirm the H&S pattern and an Exit from BTC would be recommended until we have confirmed bottom for possible trend reversal. 4k is showing strong support, but if this H&S pattern holds true we will see a dip below that, and we may consider opening a LONG position at $3612 range considering IF Volume ramps up and we see buyers step in. If support fails to hold at $3612. Next strong support will be around the $3200 area.
-My Plan-
In My personal opinion, staying in BTC is high risk for little reward at the moment. I have already exited for BTC at $4500 range, and intend to wait until a a market correction takes place and a confirmed bottom is observed. The way I see it is, why risk 15-25% losses for a 5-10% gain.
Exit- $4500 range
Short target- $3650 (goal) or $3300
PT after buy in- $4500+ then distribute to alts
-My Plan-
In My personal opinion, staying in BTC is high risk for little reward at the moment. I have already exited for BTC at $4500 range, and intend to wait until a a market correction takes place and a confirmed bottom is observed. The way I see it is, why risk 15-25% losses for a 5-10% gain.
Exit- $4500 range
Short target- $3650 (goal) or $3300
PT after buy in- $4500+ then distribute to alts
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