BTC broadening wedge - possible head & shoulders forming
It looks like another head and shoulders pattern is forming on the daily chart . There is a broadening wedge which could technically break either way, but my gut says this will H&S and break downward. I marked the mid point of the wedge , sized the left shoulder, copy/pasted the size for the right shoulder, and it hits mid-wedge perfectly. I've seen this setup in stocks very often and in my experience it usually breaks downward. If we were lower, and price action was sticking to the top of the wedge id look for a break upward. To me BTC is still overall bearish , price action is sticking to the bottom of the wedge so I believe it will continue down.
To summarize:
I believe we could see BTC peak at 36.5k over the next couple days, retreat back down, and breakout downward into the mid/lower 20s possibly over the weekend or next week.
To summarize:
I believe we could see BTC peak at 36.5k over the next couple days, retreat back down, and breakout downward into the mid/lower 20s possibly over the weekend or next week.
A couple things to note about past price action, from the Head downward we had several red days in a row. That was a lot of red days!!! Some green pullback is expected before more red. Id look at the left shoulder for guidance, mostly green, probably a little red in the mix.
There's a lot of volatility right now so be safe. I'd only scalp and wouldn't plan to hold anything long term. Maybe short if your confident and the price is stupid high, but be careful, look at BTCUSDSHORTS and BTC3SUSDT to see if others are opening short positions to help guide your choice.