A lot of eyes are focused on this huge inverse head and shoulders we are currently printing.
While everyone can agree the pump will be massive if it completes, I'm here to offer a different scenario.
Bitcoin just printed a doji on the daily.
Short body, low head, huge shadow.
Normally this would mean we are headed lower.
The other day I was watching a symmetrical triangle, and was able to catch the $300 pump Bitcoin created for a higher high.
Since then, I have noticed that the same resistance the symmetrical triangle was in is the resistance we are facing now.
The 2h just printed hidden bearish divergence.
The 4h is showing regular bearish divergence.
This is a great short opportunity.
Conservative target is the .618 at $3,551.
R/R is 3.16 with a stop just above the 50MA on the 4h.
Aggressive target lies around $3,460.
That is the target of the descending triangle we are printing. R/R is 4.5.
If we hold support above $3,400 chances become fairly high we will complete the inverse HS. Target for that is $5,200 or so.