Found another Head and Shoulders pattern on 4h this time! If we got a 4h close below the neckline i.e. around $47000, we can see the price at $46600 which is 100 Exponential Moving Average in 4h timeframe. I am expecting a price pullback from this level to retest the neckline of Heads and Shoulders.
If the retest is done successfully, on breaking the previous local low i.e. $46600, we can get a support at $46000 (daily EMA support). Technically, targets are around the same $42000 weekly/daily support region which I have also marked in my previous idea "[Detailed Analysis on BTC/USD]: Price Action & My Opinion":
![[Detailed Analysis on BTC/USD]: Price Action & My Opinion](https://s3.tradingview.com/t/TooVG0iE_mid.png)
If we look in Daily Timeframe the price, we can also observe a Ascending Broadening Wedge Pattern which can broke on either sides!
Muneeb
If the retest is done successfully, on breaking the previous local low i.e. $46600, we can get a support at $46000 (daily EMA support). Technically, targets are around the same $42000 weekly/daily support region which I have also marked in my previous idea "[Detailed Analysis on BTC/USD]: Price Action & My Opinion":
If we look in Daily Timeframe the price, we can also observe a Ascending Broadening Wedge Pattern which can broke on either sides!
Muneeb
Trade closed: target reached
Well, the retest of the head and shoulders pattern was not successful but BTC wicked down to $46600! So, first target reached but final target of $42000 haven't reached. Muneeb
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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.