Is it really forming a head & shoulder pattern?
I believe that you have read such similar ideas about btc forming a head & shoulder pattern.
Interestingly , I found different evidence both supporting and not supporting the pattern.
Evidence supporting the pattern:
1. The volume MA during the formation of the head is lower than that during the formation of the left shoulder which show that the buying pressure becomes weaker.
2. Huge sell volume on the part I circled in blue which shows that selling pressure is high.
3. The peak of right shoulder didn't exceed that of left shoulder.
Therefore, a reversal head & shoulder pattern isn't impossible.
Evidence not supporting the pattern.
1. The volume was supposed to be decreasing during the formation of the whole pattern but it turns out to be irregular.
2. It is found on the MACD graph that the buying power is recovering and becomes stronger.
To conclude, this may not be a head & shoulder pattern necessarily .
We need further observations to confirm.
Interestingly , I found different evidence both supporting and not supporting the pattern.
Evidence supporting the pattern:
1. The volume MA during the formation of the head is lower than that during the formation of the left shoulder which show that the buying pressure becomes weaker.
2. Huge sell volume on the part I circled in blue which shows that selling pressure is high.
3. The peak of right shoulder didn't exceed that of left shoulder.
Therefore, a reversal head & shoulder pattern isn't impossible.
Evidence not supporting the pattern.
1. The volume was supposed to be decreasing during the formation of the whole pattern but it turns out to be irregular.
2. It is found on the MACD graph that the buying power is recovering and becomes stronger.
To conclude, this may not be a head & shoulder pattern necessarily .
We need further observations to confirm.
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