Shampoos on BTC have a shit hit rate however this one..
- Bitcoin in a clear head and shoulders formation and with the recent 12H close the pattern is almost confirmed (daily close full confirmation)
- normally I would be very sceptical of such patterns as they tend to be bear traps in an overall uptrend however this one might be different for two reasons:
1. btc´s top has been put in on Dec 17th (historically very important date)
2. SPX is trading in the same formation and already confirmed the breakdown on Friday (comments)
As long as Bitcoin is below 94k, risk remains to the downside.
- normally I would be very sceptical of such patterns as they tend to be bear traps in an overall uptrend however this one might be different for two reasons:
1. btc´s top has been put in on Dec 17th (historically very important date)
2. SPX is trading in the same formation and already confirmed the breakdown on Friday (comments)
As long as Bitcoin is below 94k, risk remains to the downside.
Trade active
SPX in the same formation.
Trade closed: target reached
.. will likely be a failure as well.
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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.