COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Will bitcoin continue down after making this major head and shoulders reversal at $42k. price has since retraced from the new 30k level to reach the 0.5 fib and almost the 0.618 fib and appears to have rejected going above 36.5k despite the dollar remaining pretty constant this week. so be interesting to see if more bearish pressure can push price below the ema 89
Comment: could also be a pullback to go long, watch price action, if dollar falls
Comment: if you check the bounce from 30k to 36k we also have 0.618 pullback, i wouldnt bet on the head and shoulders, look to go long under the 4h pinbar


I don't think it's retraced far enough to warrant higher prices at the moment, hence the rejection at 36.5k. i could see it breaking past the 89 ema in the next day or two imo.
+1 Reply
also, this isn't equity's. you have to understand you're dealing with a completely different market, your head and shoulders analysis isn't going to be accurate.
@slammersam1, i know what im doing thanks
definitely shooting right back up
@slammersam1, agreed