Short

BTCUSD H&S

Updated

It looks like a H&S pattern is likely to form. A long term trend line is forming resistance at the top of the right shoulder. It also appears that we may be forming a rising wedge with decreasing volume. Hopefully, the H&S never completes, but I'll have a reserve of dry powder waiting at supports all the way down to $6900 jic.

This is definitely not trading advice, as I am not an expert. Constructive feedback is welcome. Sorry about the cluttered chart!

Note

We'll, we blew through that resistance! So that invalidates this whole idea, and the long-term support will hopefully act as support once more.

jaret

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.