OBSERVATION : BTCUSD Reverse Head and Shoulders on daily
Updated
BTCUSD daily is show a reverse head and shoulder which would entail a bullish reversal.
IMO overall the BTC chart is trending bearishly and I would be very hesitant to enter this trade until confirmation of the neckline being broken in coming days.
IMO overall the BTC chart is trending bearishly and I would be very hesitant to enter this trade until confirmation of the neckline being broken in coming days.
Note
Since BTC owns the vast majority of the market cap you will find similar trends in other cryptocurrencies. Here's the same setup for XRPUSD:Take profit areas are the previous support and now resistance areas best shown in the higher time frames:
Note
Target reached for BTC at pink line. For anyone who entered exit the trade. Price has hit historical resistance. I expect price to be rejected from her an continue the overall bearish trend. Trade closed: target reached
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