BTC Head & Shoulder // Shorting to 7900s
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This is a meme but it does work sometimes.
Bitcoin failed to find acceptance above 0.786 fib level. Seems to be painting a h&s. The measured move would bring us to 7.9 keks which is coincidentally our closest POB and 0.618 fib.
This would be healthy, bullish selling.
You shouldn't enter a position until the right shoulder forms! I have placed a trade since I believe the local top is in and there is a lot of liquidity to be swept up before continuing upwards.
Bitcoin failed to find acceptance above 0.786 fib level. Seems to be painting a h&s. The measured move would bring us to 7.9 keks which is coincidentally our closest POB and 0.618 fib.
This would be healthy, bullish selling.
You shouldn't enter a position until the right shoulder forms! I have placed a trade since I believe the local top is in and there is a lot of liquidity to be swept up before continuing upwards.
Note
Idea invalidated, trade closed. Shorting a sweep of the highs on ETH instead.
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