BTCUSD - H&S on the hourly
Updated
Things have seemingly slowed down in this BTCUSD rally. Market is relatively overbought and is overdue for a correction. Over here we see a head and shoulders has developed on the hourly chart over the 1210 support level. We may see a breakdown to test older support levels in the coming future. If you are planning to short this, I suggest you put tight stops just over the old high ($1230 USD) to protect yourself against any possible short squeeze attempts by bigger players, as we witnessed with the earlier rapid $1210 breakthrough a couple of days ago.
Trade closed: stop reached
Short squeeze, pattern invalidated. Will look for entry when more certain indicators of a reversal are in place.
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.