BTCUSDT H&S looks like formation
Updated
At the 2-hours timeframe we can see a possibility of Head and Shoulders formation. Although it is not a clear H&S all signs further decrease presence at the market as TA indicators are bearish
Overall BTC is still in bullish mood and this decrease can be evaluated as a natural correction. If the price candle at 1-day timeframe manages to close above $7 568 level next few days it will be a positive sign for further bull run. Otherwise we will have a correction till $6 161 level. The negative scenario has the higher probability now
Overall BTC is still in bullish mood and this decrease can be evaluated as a natural correction. If the price candle at 1-day timeframe manages to close above $7 568 level next few days it will be a positive sign for further bull run. Otherwise we will have a correction till $6 161 level. The negative scenario has the higher probability now
Comment
The candle closed above the specified level, natural correction is over and Bitcoin is bullish again. Technical indicators are in buy state moreover we receive good fundamentals. At the 2-hour timeframe there is a clear IHS formation that is going to be finished in such conditions soon. This is a strong bullish pattern and the price will start a new cycle of impulse growth waves
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