A possible H&S in Bitcoin
Note
Possible Head And Shoulders If the volume of the RS (which is in formation) is decreasing
and lower than the LS and H could be indicative that
the pattern is being completed.
Neckline $ 7300 - $ 7310
A pattern is not a pattern until it is completed and the
Its morphology is always a possibility.
Note
The neckline is being tested Note
If the price can not overpass the neckline in the upward direction is considered broken.Note
Broken support flips into resistance Note
The breakdown was https://fast...https://tradingview.sweetlogin.com/x/GqRBTW6p/Note
The prices could find support in the 50MA around $6900 for a wee bounce Note
50MA dailyNote
The price has found support around 50MA daily. Maybe a sideways trend for a couple of hours before the next move. I draw a descending channel, the centre line is S/R zone.Note
The downtrend is overextended...likely a wee bounceNote
Good morning to everyoneThe price still in a sideways trend and bullish divergence starts to appear.
The channel's lower band is working well as support
Note
The channel's centre line is resistance zone (S/R)Note
Not much. The price is weak to bounce. Note
The price has had a wee bounce Note
Chart BTCUSD 3H. The magenta line is the 18MA, this moving average has been being a drive for the downward.
Note
The channel's centre line has been being good support...Note
The price is recovering. The chart shows Fibonacci and S/RNote
The initial TP of H&S is $6100 and still in playNote
The resistance at $7150 did its work Note
This is what has been happening the last 30 days Note
Guys..if you like this idea give me a thumbs up! Thanks in advances
Trade closed: target reached
The initial target was reached $6100 - $6200 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.