Possible SHORT setup. H&S 4H chart.
My fellow traders,
Bitcoin has been surging in the last weeks despite overbought RSI in the long time frames and overconfidence shown by sentiment indicators.
As we all know, "What goes up, must come down".
Here I propose a possible Head and Shoulder forming on the 4H chart.
The H&S will be invalidated if the a candle closes above the 50 MA (in blue) and confirmed if under the neckline (in red). However the 200MA is waiting just under providing support. The 50MA has flatlined and could approach the 200MA soon.
In my estimation a deeper retracement in BTC is long overdue but BTC always manages to surprise us so don't risk what you can't lose and don't take my words as written in stone. Just food for thought.
I wish all of you happy holidays
Deimos
Bitcoin has been surging in the last weeks despite overbought RSI in the long time frames and overconfidence shown by sentiment indicators.
As we all know, "What goes up, must come down".
Here I propose a possible Head and Shoulder forming on the 4H chart.
The H&S will be invalidated if the a candle closes above the 50 MA (in blue) and confirmed if under the neckline (in red). However the 200MA is waiting just under providing support. The 50MA has flatlined and could approach the 200MA soon.
In my estimation a deeper retracement in BTC is long overdue but BTC always manages to surprise us so don't risk what you can't lose and don't take my words as written in stone. Just food for thought.
I wish all of you happy holidays
Deimos
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