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Short-term $BTC head and shoulders pattern.

#Bitcoin Short-term potential head and shoulders pattern. Max retrace likely to $53k-54k. Above and it should be negated.

Nota

No changes as of yet. Potential right shoulder seems to be forming right now. Still holding that $53-54k will be the max retrace and should present a great entry for going long. Retrace should coincide with medium-term EMA cloud. Will need to keep an eye on the buying volume if we hit $53k though because if there's low volume, we could see lower.

Nota

Cleared the 20D VWAP and is potentially heading towards that mark to coincide with the medium-term EMA cloud. We're going to want to see more buying volume come in at that price and hold at that level - ideally trading sideways for consolidation base before a next breakout above. So far, chart doing what was expedcted.

Nota

Big move overnight. The pattern is still technically in tact. However, there is an emerging falling wedge that could be very bullish and make this pattern. Will post a separate idea there.

rfc4

Penafian

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rfc4