New H-S pattern confirmed in Bitcoin!
Actualizado
Hello traders, here we are looking at the 4 hour chart of Bitcoin.
A new and even bigger head shoulder pattern has formed where the price has already broken the neckline which we are now re-testing at the 51.000 level.
Also 2 longer term trend lines have been broken. The drop to 47,000 in BTC was stopped by a volume spike and is now re-testing the broken H-S neckline.
Also the RSI made low over months so the spike was expected.
Note how much more volume there is in the right shoulder of the G-S pattern. the new target is now at 36,000 - 37,000 usd.
Going long in a downtrend can bring big profit but also much more risk! So take care of your stops!
With these declines the risk in the ALTS is many times bigger because here recently enormous profits have been made.
Targets now are 42.000 then 37.000 usd.
A new and even bigger head shoulder pattern has formed where the price has already broken the neckline which we are now re-testing at the 51.000 level.
Also 2 longer term trend lines have been broken. The drop to 47,000 in BTC was stopped by a volume spike and is now re-testing the broken H-S neckline.
Also the RSI made low over months so the spike was expected.
Note how much more volume there is in the right shoulder of the G-S pattern. the new target is now at 36,000 - 37,000 usd.
Going long in a downtrend can bring big profit but also much more risk! So take care of your stops!
With these declines the risk in the ALTS is many times bigger because here recently enormous profits have been made.
Targets now are 42.000 then 37.000 usd.
Operación activa
Be also aware of the bullish falling wedge which is forming right now. That is why need to evaluate the situation and look at new forming patterns all the timeComentarios
Comentarios
I think we are going lower again soon. We are forming an inside bar on the D timeframe. This is bearish in a dwontrend.Operación activa
To go long in case of a counter move and a short ride up I would first like to see a good volume spike and a positive divergence along with a positive candle setup.
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