btcusd.H&S
Updated
A potential head and shoulders pattern is setting up on btcusd. Head and shoulders is one of the major and most frequent reversal patterns in technical analysis. Notes on the chart. Ask your questions about the pattern in comments.
Note
we are close to break the trendline. keep an eye on it.Note
consolidation just below the trend line. good sign of potential break.Order cancelled
the trend line held. no breakout happened. this proves the significance of the trendline. As we installed a new lower low the downtrend continues. Keep an eye on the trendline.If it is retested in future it will be a nice area to enter short on bounce or long on a break.
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