BTC-USD H&S pattern forming
As we can see on this 4hr chart of BTC-USD, the H&S pattern is starting emerge.
The head is made up of "double top" pattern with bearish divergence, which in itself is a bearish pattern.
"Easy read Indicator" shows EMA 89 (aqua) and EMA 100 (red) lie in 7000-6800 zone which can provide support, however break of this zone will "LIKELY" initiate the BTC drop towards the H&S target of around 5470, which is also an EMA 377 (blue), old support/consolidation zone before this pump and an Ichimoku support area.
"Shepherd Indicator" gave perfect short at the top around 8250 (arrow), and it is setting up for another such short signal. So I will wait for that signal to enter short.
**To conclude**
> If this H&S pattern completes then there is 60-70% chance that BTC will see 5750-5450 range.
> Caution: As there is a plenty of support below and BTC is in a strong bot driven area, one should trade this carefully.
The head is made up of "double top" pattern with bearish divergence, which in itself is a bearish pattern.
"Easy read Indicator" shows EMA 89 (aqua) and EMA 100 (red) lie in 7000-6800 zone which can provide support, however break of this zone will "LIKELY" initiate the BTC drop towards the H&S target of around 5470, which is also an EMA 377 (blue), old support/consolidation zone before this pump and an Ichimoku support area.
"Shepherd Indicator" gave perfect short at the top around 8250 (arrow), and it is setting up for another such short signal. So I will wait for that signal to enter short.
**To conclude**
> If this H&S pattern completes then there is 60-70% chance that BTC will see 5750-5450 range.
> Caution: As there is a plenty of support below and BTC is in a strong bot driven area, one should trade this carefully.
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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.
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.