Bitcoin - Head and Shoulders
Hello traders,
We are nearing the weekly candle closure and as it seems this weeks closure would be a huge bearish one after the doji that we formed last week, which indicates further downside which could indeed be the reversal after the bullish rally we had from 4k to 9k. This was explained in the last article so go ahead and read that one if you want to focus more on the weekly perspective.
I will keep this article on the daily and explain the possibilities and patterns that are yet to be unfolded on the daily and confluence well with the weekly analysis.
As you can see on daily time-frame bitcoin is somehow forming a bearish head and shoulder pattern, should this weeks candle close bearish, and if the momentum sustains, we can expect next week to have few retests of 8500 region which would be a right shoulder completion. Red rectangle would be the area from where I except a reversal if it happens, as it confluences with prior support of 8500.
Please keep in mind that this is not final, the pattern is still unfolding and it could be invalidated. Stay tuned to our telegram channel for updates.
We are nearing the weekly candle closure and as it seems this weeks closure would be a huge bearish one after the doji that we formed last week, which indicates further downside which could indeed be the reversal after the bullish rally we had from 4k to 9k. This was explained in the last article so go ahead and read that one if you want to focus more on the weekly perspective.
I will keep this article on the daily and explain the possibilities and patterns that are yet to be unfolded on the daily and confluence well with the weekly analysis.
As you can see on daily time-frame bitcoin is somehow forming a bearish head and shoulder pattern, should this weeks candle close bearish, and if the momentum sustains, we can expect next week to have few retests of 8500 region which would be a right shoulder completion. Red rectangle would be the area from where I except a reversal if it happens, as it confluences with prior support of 8500.
Please keep in mind that this is not final, the pattern is still unfolding and it could be invalidated. Stay tuned to our telegram channel for updates.
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