Bitcoin has completed another Head and Shoulder pattern on the 4H chart, and this time with the target at 7500 support. For the past few days the pair has confirmed the 200 EMA and 50 EMA as very strong resistances and now they are both leaning downwards. The MACD is also bearish as the MAs are both below the 0 level. Volume is decreasing which is typical during pattern formations.
What is interesting is that the target of this small Head and Shoulder pattern may be the Right Shoulder of another big Head and Shoulder pattern, forming since the last week of January. The neckline of this big H&S is at 11700 level. If BTC bounces back from the 7500 area towards the neckline, we can confirm the eligibility of this pattern.
Bitcoin is kind of hard to predict now, let's wait and see.
Happy and safe trading!
What is interesting is that the target of this small Head and Shoulder pattern may be the Right Shoulder of another big Head and Shoulder pattern, forming since the last week of January. The neckline of this big H&S is at 11700 level. If BTC bounces back from the 7500 area towards the neckline, we can confirm the eligibility of this pattern.
Bitcoin is kind of hard to predict now, let's wait and see.
Happy and safe trading!
Telegram t.me/bobvolmanchannel
Đăng ký khóa học Price Action thực chiến: t.me/nhathoaitrader
Đặt sách Forex Price Action Scalping (Bob Volman): www.facebook.com/candlebooks.vn
Đăng ký khóa học Price Action thực chiến: t.me/nhathoaitrader
Đặt sách Forex Price Action Scalping (Bob Volman): www.facebook.com/candlebooks.vn