Bitcoin forming a head and Shoulders on the 4hr timeframe?

21 nov. 2020

Bitcoin looks to be forming a head and shoulders on the 4hr timeframe. The left shoulder has the classic high volume followed by a lower volume head. We have bearish divergence with the declining RSI vs the price creating a higher high. Greed is at a 91 on the Fear and Greed index. Many signals for a short term correction imo. A drop down to the $15,800 range seems likely.

22 nov. 2020

Note

Bounced right off the neckline but got back to the right shoulder area a bit quicker than I thought it would and we're now possibly forming the right shoulder. Price needs to stall out here at the 18500 range and head south back towards the neckline over the next day or two to complete the head and shoulders.