Potential bitcoin Head & Shoulders Forming on the 1 hour
Bitcoin broke bearish out of its prior ascending channel and appears to be setting up for a possible 1 hour Head and Shoulders pattern for some more long term consolidation. It also rejected from the previous channel lower bound upon a retest and the 26 1 hr ema. It could potentially play-out on the 4 hour time frame as well which would obviously take more time to develop. The neckline to watch would be 7859 on bitfinex with 7820.5 being further confirmation.
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.