The setup seems to be almost perfect, after a big drop from 145 up to almost 35, making the size of the H&S very good. This would mean, similar to ETH, that would should see a correction coming weeks, towards 50/55. The right shoulder can take all kind of shapes, so it's guessing on how it could go from now on. Even a break of last weeks high and then drop is still possible. Think the max for a move up and keeping the H&S alive is around 67.
Preferably, the right shoulder has to be smaller in size and time, so i would like to see it stay above the 50 from now on. So if we drop, same as ETH, it would also fall in to place for my bigger picture plan for Bitcoin. Where i want to see one more good retest of the 7K zone.
On the left we can also see, that we had a somewhat similar shape for an inverse H&S then. But we never got that right shoulder, not even close, instead we got like an upwards triangle from which a massive pump followed from 65 to 100. Lets face it, it's crypto :).
On the right we can see the same shape as ETH, a sideways channel which looks like a correctional move. The support zone i see short term is at 57/57.5. As long as that holds, bulls might be safe short term. If that breaks, think we need to see assume bears will attack the big support around 55 again.
Previous analysis:
Preferably, the right shoulder has to be smaller in size and time, so i would like to see it stay above the 50 from now on. So if we drop, same as ETH, it would also fall in to place for my bigger picture plan for Bitcoin. Where i want to see one more good retest of the 7K zone.
On the left we can also see, that we had a somewhat similar shape for an inverse H&S then. But we never got that right shoulder, not even close, instead we got like an upwards triangle from which a massive pump followed from 65 to 100. Lets face it, it's crypto :).
On the right we can see the same shape as ETH, a sideways channel which looks like a correctional move. The support zone i see short term is at 57/57.5. As long as that holds, bulls might be safe short term. If that breaks, think we need to see assume bears will attack the big support around 55 again.
Previous analysis:
Note
So channel broke and tested the neckline again, which is not good but so far it's holding and it could keep on holding. The neckline really has to break before believing in the H&S. I am saying this, because during a strong uptrend, H&S patterns can turn into bear traps. 
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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.