BTC GOING DOWN!? Failed Inverse Head and Shoulders short term
Happy trading,
Let's zoom in and take a quick micro look at BTC to see if we can gain some insight.
After BTC failed to hold support from 7000-7200 it has formed two patterns. The first was a descending triangle (bearish pattern). Which had a false move to the upside and then preceded to crash downward just as the pattern predicted. Its down move has already been fulfilled.
Second BTC attempted to form an Inverse Head and Shoulders (bullish pattern), but it now looks like a failed pattern as the right shoulder has dipped below the head.
The bulls are fighting to hold the blue TL which was created on a much larger timeframe (1D) and has acted as key support/resistance for a while now.
If they can't do that I see the probability being quite high (80-90%) we retest the most recent low around 6,500. Let's see how this plays out!
-Dre
Let's zoom in and take a quick micro look at BTC to see if we can gain some insight.
After BTC failed to hold support from 7000-7200 it has formed two patterns. The first was a descending triangle (bearish pattern). Which had a false move to the upside and then preceded to crash downward just as the pattern predicted. Its down move has already been fulfilled.
Second BTC attempted to form an Inverse Head and Shoulders (bullish pattern), but it now looks like a failed pattern as the right shoulder has dipped below the head.
The bulls are fighting to hold the blue TL which was created on a much larger timeframe (1D) and has acted as key support/resistance for a while now.
If they can't do that I see the probability being quite high (80-90%) we retest the most recent low around 6,500. Let's see how this plays out!
-Dre
Comment:
With a stop buy above the orange TL
Comment:
*6765* haha
Went short at 8765 once the RS failed. Looking to add around 5900-6100 which is support on the falling wedge we're in one the 1D chart.
Will add a picture of the 1D chart if I can figure out how to do it!