BTC Bitcoin: Potential H&S Pattern
Updated
Hello friends, today you can review the technical analysis on a 4H linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency.
1) In a prior idea, I noted the price may go up as a result of the Double Bottom Pattern (bullish pattern). However there is a potential for a Head & Shoulders Pattern (H&S Pattern) as well, which is a bearish pattern. When reviewing lines and patterns, it is important to understand all the different scenarios and focus on which pattern is closest to forming so you can take action.
2) If the price goes below around 47K, keep your eyes open for a potential H&S Pattern completing the formation. This could bring the price down to around
41K-42K. This would bring the price to around the wick area on December 3, 2021.
3) The RSI (relative strength index) has been supported by a trendline. Keep an eye on the support and potential break.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
1) In a prior idea, I noted the price may go up as a result of the Double Bottom Pattern (bullish pattern). However there is a potential for a Head & Shoulders Pattern (H&S Pattern) as well, which is a bearish pattern. When reviewing lines and patterns, it is important to understand all the different scenarios and focus on which pattern is closest to forming so you can take action.
2) If the price goes below around 47K, keep your eyes open for a potential H&S Pattern completing the formation. This could bring the price down to around
41K-42K. This would bring the price to around the wick area on December 3, 2021.3) The RSI (relative strength index) has been supported by a trendline. Keep an eye on the support and potential break.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
As the year is coming to an end and holidays are almost here. I want to wish my friends Happy Holidays and ready for an exciting 2022! What are your thoughts for the coming year?
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
It's funny that MMCrypto YouTube guy says no one else is talking about this potential H&S pattern in his video today. LOL, I think he's already behind.
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