Bitcoin Analysis. 3% Drop soon.
Hello guys, Today i'm anaylizing Bitcoin on the 4h time frame. Bitcoin has formed a Head and Shoulders pattern. If it breaks the neckline($10,915), This could be a good short signal.
[NOT FINANCIAL ADVICE]
It should be noted that Bitcoin is on a upwards trend, so it is likely that Bitcoin can keep going back up. As always Set those stop losses!
When Bitcoin continues on this small downtrend it will likely will be retesting the 4h EMA ribbon. If bitcoin gets really bearish then expect it to retrace down to former resistance(Which becomes support now) ,which is the grey zone.
Another indicator that we should be seeing is the volume, the volume is dropping at it indicates that a breakout with volume will be approaching soon.
[BIGG BEARISH SIGN]
A bearish sign that we should keep in mind is the CME gap that has been formed on the daily time frame. These usually always fill and it is down at 9.5-9.6k
There is also a 4h RSI divergence. [This is indicated by another supporting chart.]
[NOT FINANCIAL ADVICE]
It should be noted that Bitcoin is on a upwards trend, so it is likely that Bitcoin can keep going back up. As always Set those stop losses!
When Bitcoin continues on this small downtrend it will likely will be retesting the 4h EMA ribbon. If bitcoin gets really bearish then expect it to retrace down to former resistance(Which becomes support now) ,which is the grey zone.
Another indicator that we should be seeing is the volume, the volume is dropping at it indicates that a breakout with volume will be approaching soon.
[BIGG BEARISH SIGN]
A bearish sign that we should keep in mind is the CME gap that has been formed on the daily time frame. These usually always fill and it is down at 9.5-9.6k
There is also a 4h RSI divergence. [This is indicated by another supporting chart.]
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