Bitcoin (#BTC) Head and Shoulders ends current uptrend
I threw away my idea about the major resistance as a profit target. Based on current price action and technical indicators, I likely expect the price drops down. If the idea about H&S is right, we could see one last leg up to $5350-$5450 zone before the price goes down. Then I expect a retracement at around $4800 and then another drop to the lower channel line, at around $4400 and maybe deeply to $4200.
On a daily chart, Bitcoin marked $4980 as a support zone. If we try to measure H&S pattern, we see that it plays quite well as a H&S neckline. However, the price has already hit this area three times (white arrows), which means that more and more liquidity is taken and support becomes more weak.
This is a short-term trade.
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On a daily chart, Bitcoin marked $4980 as a support zone. If we try to measure H&S pattern, we see that it plays quite well as a H&S neckline. However, the price has already hit this area three times (white arrows), which means that more and more liquidity is taken and support becomes more weak.
This is a short-term trade.
If you like my TA, please hit that "like" button, follow me or leave your comments. Thank you.
Catatan
Bitcoin is ranging in a small range, between $5190 and $5060 today. So, the technical indicators haven't changed to much and they aren't so useful now. Current price remains below important Moving Averages and they now represent resistance levels. > 1D RSI remains flat, 1D MACD continues to confirm continued decline. OBV also indicates a declining interest of traders. If we look at BB - Bitcoin remains under BB's Bias line for 5 days.
> What I want to warn you is, BB on 4H chart. Look at the narrow shape of channel. This is a precursor to a significant price movement
> Now let's move to 1H chart and pay your attention to white arrows pointing to the areas of liquidity taken. It could mean that the area sligtly above 5K becomes more weak. On the other hand, can we see the signals of another Bart pattern again? Huge drop down, sideway movement and finally a significant move up but below the previous high.
Summary - H&S idea remains valid. Smaller TF look like Bitcoin could go up in short term. That's why i think that the high of right shoulder hasn't been achieved yet. Regarding to Bitcoin's HF, I think that Bitcoin will see levels below 5K soon.
Catatan
No BTC analysis update today. I'm watching H&S scenario. BTW Bart pattern works well :-)Order dibatalkan
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