BitcoinUpdated Another run down to 9200 to 9000ish level?
I am still new to TA so I welcome any advice or criticisms.
On the 4 hour there is a head and shoulder pattern that targets the 9000-9200 range. Volume is decreasing and there is a lot of resistance at the long term trend line, the neckline of the H&S, and also the Senkou A. So I'm doubtful that it has the strength to push through. The Kumo has also recently twisted bearish.
So this may just be a retest of the H&S neckline.
A bullish argument is that it looks like the MACD is about to crossover.
On the 4 hour there is a head and shoulder pattern that targets the 9000-9200 range. Volume is decreasing and there is a lot of resistance at the long term trend line, the neckline of the H&S, and also the Senkou A. So I'm doubtful that it has the strength to push through. The Kumo has also recently twisted bearish.
So this may just be a retest of the H&S neckline.
A bullish argument is that it looks like the MACD is about to crossover.
Note
Also not the recent kumo twistNote
Price is now below the Kumo cloud
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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.