BTC/USDT (Bitfinex) – 1hr - Head and Shoulders forming?
Possible head and shoulders patter forming on the 1 hour BTC/USDT (Bitfinex). Bounced off trend line at ~4150. Should retrace up to ~4200 to form the right shoulder before retracing to ~4k at the bottom of our support zone. Possibly wipe out a bunch of stops at just under 4k followed by continuation of uptrend.
Take some profits around 4200, re-entry around 4k or more aggressive reentry at 3950.
Take some profits around 4200, re-entry around 4k or more aggressive reentry at 3950.
Note
Right shoulder formation complete. Ideally looking for the bounce at 3950, although there are a few supports on the way down at 4100 (previous resistance turns support), 4030 (bottom of cloud) and 4k psychological.
Trade closed: target reached
Pattern played out. Reached 4030 (previous support before the left shoulder and bottom of cloud). Next resistance area 4400.
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