BTCUSD short position. Head and shoulders still in play.

- BTC head and shoulders pattern (green line) is finishing up. Worth reminding this is a reversal pattern.
- support and resistance area widened, resistance 42k, support 34.6k
- 15 day flag pennant developed May 19 - Jan 2, appears to be failing, failed attempt on Jan 3, 2021, not enough volume, Jan 5-6 support area getting tested as I write this.
- My prediction, without a large accumulation day the reversal pattern continues.
- “If” support is lost at 34.6k then 28.5K becomes next support.
- “If” distribution days continue 18.6K range comes into play.

With any prediction limit orders are paramount to protect profits and losses.

Comment:

BTC showing strong support. I'm moving the projected low 13k area up to 23k. Still see some downside that I hope trickles down keeping a nice tight pattern. This is healthy before bulls come in and move the price up towards 40k eventually the 60k area. If enough momentum then BTC can advance in a healthy way towards 75-100K.

To me I'm not looking for a trip to the moon or any nonsense like this. This isn't investing. I'm looking for the cup handle portion to play out to make profits shorting on the pattern towards the low and then moving into a long position while working the way up on the right side of the cup. Of course this is all speculation and may/may not change as time goes by. I don't mind watching closely and making changes as the market tells me to.

Trade closed: stop reached:

was taken out awhile back. thought there would be more downside around 30k however support held up nicely. Hind sight of course 20/20. Taken out by a limit order awhile back, updating position.