BTCUSD 3H chart: Textbook Head and Shoulders Top!
Spotted a neat H&S on the 3h chart for BTC USD. And this time it's a textbook one!
- Left shoulder slightly higher in price than right shoulder.
- Upsloping Neckline
- Pattern confirmed after price breaking the neckline
For reference: thepatternsite.com/hst.html
After the last 3 days of pure Bulls Bitcoin was overextended from the golden cross while hitting the 50 Day MA, a Fibonacci line. A retracement was more than reasonable.
Next potential support is 9100-9300 area which has not been retested yet.
- Left shoulder slightly higher in price than right shoulder.
- Upsloping Neckline
- Pattern confirmed after price breaking the neckline
For reference: thepatternsite.com/hst.html
After the last 3 days of pure Bulls Bitcoin was overextended from the golden cross while hitting the 50 Day MA, a Fibonacci line. A retracement was more than reasonable.
Next potential support is 9100-9300 area which has not been retested yet.
Commento:
If you want a safer entry, use the TD Momentum Indicator until the red 2 starts trading at the low wick of the red 1 candle. Set your stop loss at the top wick of the red 1 candle