head and shoulder

Unconfirmed Head and Shoulders on the hourly

We have a unconfirmed ugly head and shoulders on the hourly. A breakdown is short term bearish. This coupled with the fact that there are a lot of long bag holders on BTC futures, I am guessing further pullback is likely. Keep in mind that we are still bullish on larger time frames, just looking at the hourly.

Head and shoulder pattern breakdown on bitcoin

Classic head and shoulder pattern here. This could be a fakeout, if that is the case, bulls need to bid price above resistance to invalidate this pattern, prefarably with volume.

In the case that we do breakdown from here. The measured move target is 550 which is also a confluence point for prior low support. I think its likely we will get there if we keep dropping.

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