Possible Head and Shoulders Reversal on BTC
Bitcoin has been making a bull run as of late, recently breaking out of consolidation and is now trading within a bull channel.
Although price can certainly continue to climb the channel and we'll have to wait for conformation of a change of market structure, price action looks like it's offering a potential head and shoulders with the right shoulder coming into 4 different key areas:
1. The right shoulder of a H&S pattern
2. The mean threshold of the 4HR rejection bar
3. A supply zone with a 4H OB
4. A liquidity sweep above the last change of character
Once we get into this zone, I'll be dropping to a lower time frame and looking for some optimal entry signals.
Don't guess, assess.
The Meditrader
Although price can certainly continue to climb the channel and we'll have to wait for conformation of a change of market structure, price action looks like it's offering a potential head and shoulders with the right shoulder coming into 4 different key areas:
1. The right shoulder of a H&S pattern
2. The mean threshold of the 4HR rejection bar
3. A supply zone with a 4H OB
4. A liquidity sweep above the last change of character
Once we get into this zone, I'll be dropping to a lower time frame and looking for some optimal entry signals.
Don't guess, assess.
The Meditrader
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