PatekCharts1

Bitcoin's potential head and shoulders pattern.

Short
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
This pattern shows up very nicely on the 4 hour chart, and can also be seen on the daily. So far the pattern has been forming over 52 days. If we take our neckline from $6109 we have a target of $3700, or if taken from $5867 target of $3483(which is also a horizontal support). We get this target from taking the price range from neckline to top of the head. A candle close above $7100 would invalidate this pattern. We will want to see increasing bear volume on the downwards movement of the right shoulders, with massive volume on break of the neckline, and $5800 support, to validate the pattern.

Comments