Hello traders,
Looking at hourly chart, Bitcoin seems to running out of fuel. Bitcoin tried to breakout from the neckline of macro-inverse head and shoulders, but there was no significant follow through.
In past 24 hours, Bitcoin has been rejected from $4000 level multiple times, and there is potential head and shoulders pattern taking in place. Bears tried to capitalize failed breakout, but bulls were buying at the dip. (hence the large wick)
So far, $3950 is acting as support, but if this support is broken, there is support at $3900, followed by $3800 (This is the target for H&S breakout target).
I will be patiently waiting for good entry point until Bitcoin shows clear direction. My bearish view will be invalidated if Bitcoin can go above $4000.
Happy trading!
Looking at hourly chart, Bitcoin seems to running out of fuel. Bitcoin tried to breakout from the neckline of macro-inverse head and shoulders, but there was no significant follow through.
In past 24 hours, Bitcoin has been rejected from $4000 level multiple times, and there is potential head and shoulders pattern taking in place. Bears tried to capitalize failed breakout, but bulls were buying at the dip. (hence the large wick)
So far, $3950 is acting as support, but if this support is broken, there is support at $3900, followed by $3800 (This is the target for H&S breakout target).
I will be patiently waiting for good entry point until Bitcoin shows clear direction. My bearish view will be invalidated if Bitcoin can go above $4000.
Happy trading!
Comment:
Look at that. The $3800 H&S breakout target was on point!
