Long

Inverted head and shoulders on the hourly chart

The chart of bitcoin has drawn a bullish pattern on the hourly chart. Potentially, this is a great buying opportunity. However, I would be very cautious with this, as a diamond formation is clearly visible on the higher timeframes, which usually indicates a trend reversal. In addition, the RSI on many timeframes indicates bearish divergence (and especially the hidden ones).

This is not financial advice.

Note

Bearish divergences

4h chart:

1h chart:

15m chart:

Note

Pattern invalidated. It appears to have been a bull trap.

stanosky

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stanosky