Bitcoin Short: False breakout of wedge and H&S Pattern at highs
We are shorting Bitcoin here after some very bearish indications have shown up on the 4 hour chart.
We can see below a Head and shoulder pattern coming up into the descending trend line of the wedge on the daily chart. The false breakout of the wedge and the H&S reversal pattern and the ascending trend line breaking all give us a strong enough sign that BTC still wants to come down, likely into the BUY ZONE that we recently posted around $6500-$6600.
Once we get down into $7500 we will be looking to take profits.
We can see below a Head and shoulder pattern coming up into the descending trend line of the wedge on the daily chart. The false breakout of the wedge and the H&S reversal pattern and the ascending trend line breaking all give us a strong enough sign that BTC still wants to come down, likely into the BUY ZONE that we recently posted around $6500-$6600.
Once we get down into $7500 we will be looking to take profits.