After an upper trendline breakout of the falling wedge pattern with a potential target of $11700, BTCUSD is currently forming the right shoulder of head and shoulders pattern with a possible peak of $7500. Head and shoulders top pattern typically occurs with a prior uptrend to serves as a reversal pattern, but for this one the prior trend is a downtrend and serves as a continuation pattern. We need to stay above $6600 - 6800 and break above $7500 with huge volume to invalidate the H&S pattern. If we fail and break the $6300 support, CD leg of the AB=CD pattern is confirm with a PRZ at $5500 level. If $5500 level will not hold the next support is the $5000 level which serves as the PRZ of bullish three drive pattern.
Comment:
The confirmation of the bearish divergence
The confirmation of the bearish divergence
Comment:
and we tested the $6300 support level.. a failure on this level will bring us to $6000 level or the PRZ of AB=CD pattern which is $5500
and we tested the $6300 support level.. a failure on this level will bring us to $6000 level or the PRZ of AB=CD pattern which is $5500
..and now we have a Bearish Divergence..will it break down to confirm the right shoulder?