BITCOIN - Developping Head and Shoulders / falling wedge
Traders, here we are looking at the 2 hour chart of Bitcoin. Clearly the head shoulder formation can be seen. If BTC breaks through the neckline we could go much lower with a target of 43.000 where is strong support waiting.
Another scenario is that BTC froms a falling wedge and that in turn is Bullish. This would invalidate the H & S pattern and you could see a very strong move to the upside. Failed patterns see often sharp moves in the opposite direction.
Currently, it is a matter of waiting to see how this structure continues to form. As long as Bitcoin is in this state, the rest of the coin market will be nervous.
Another scenario is that BTC froms a falling wedge and that in turn is Bullish. This would invalidate the H & S pattern and you could see a very strong move to the upside. Failed patterns see often sharp moves in the opposite direction.
Currently, it is a matter of waiting to see how this structure continues to form. As long as Bitcoin is in this state, the rest of the coin market will be nervous.
액티브 트레이드:
The pattern is still active only we have now formed a newer and larger H-S pattern. See thee latests post.
코멘트:
I think we are going lower again soon. We are forming an inside bar on the D timeframe. This is bearish in a dwontrend.
Support in the RSI is also broken. See screenshot