BTC head and shoulders leading into a pullback to $25,000 w/ Fib

Looking at the 4 hour chart of BTC, it's looking like we have a choppy head and shoulders that finished about a week ago and fell into some consolidation. Normally with a nice breakout, a pullback should be expected. I'm thinking it will land somewhere around the $25,000 range. This would be right with our last zone of resistance and also on the fibs 50% line. Expecting a pullback that hits previous resistance and a fib level would be pretty ideal.

Note

I'm honestly not sure when we will drop to the $25,000 range before we bounce back up. But, I have a strong feeling we will.

Note

We still have not had that pullback. I just looked at the chart again and I still believe it will happen. I do think it will be closer to $25,300 rather than $25,000 now that I looked at it again.

Note

Greetings traders,
I wanted to share a quick update highlighting key some observations:

-ADX and DI- Crossing DI+
Starting with the ADX oscillator, we note the following:
Location A: Upward Arrow, indicating an uptrend confirmation.
Circled at Location B: ADX begins to fall, signaling a potential weakening of the bullish trend.
Circled at Location C: Low ADX and DI- crossing DI+, implying decreased trend strength and a possible shift in market sentiment.

-Shooting Star Candlestick
Location D: We observed a significant shooting star formation, suggesting a potential trend reversal. This candlestick pattern represents sellers stepping in strongly after an attempted rally.

-Support Breakout Potential
Location E: The current bearish candle sits above a support level. There is a possibility of a bearish breakout below this level, potentially leading to further downward movement.

Note

We are coming very close to the $25,300 - $25,000 zone. There has been a huge spike on the Di- line on the ADX with the ADX trend line beginning to rise for bearish (Labeled A).

Trade closed manually

I'll take it.

maybethatguy

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.

maybethatguy