BTCUSDH&S Has formed nicely in lower time frames. This may be the catalyst we've been waiting for all day which will drive us down to about the 6.3k Area. 6.1-6.3k Is a nice area of support so it would present us with a nice buy opportunity should the neckline break. and target hits. Stops for the 6.1-6.3k buys can be set at around 5.8-5.9k.If a reversal at the neckline occurs, the H&S could still be valid as long as BTC stay within range. Upside potential at this point is capped at around 6.6k. Bears have been determined to keep this down below that level for the past couple of days so don't attempt a long unless we break that 6.6k resistance with force.
Keep in mind that people that hunt for stops will usually know everyone has them set there so they will attempt to trigger it to load up on cheaper BTC before pushing price back up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.