BITCOIN (BTCUSD) MULTI-TIMEFRAME ANALYSIS

13 Nis 2020

hey guys,

bitcoin clearly shows reversal signs.
with a bearish breakout of a rising wedge pattern on a daily, many traders are now skeptical about further growth.

however, technically we are still trading above the major 6600 support.
to short wisely we need to see a breakout of this support first and only then act accordingly.

pay attention to head and shoulders formation on 4H chart.
its neckline matches perfectly with a before-mentioned major structure.
let the market break this level (4H candle close below the underlined area) and then short on a pullback or aggressively.

with a confirmed breakout we can aim at 5900 as the initial target,
with a potential continuation to 5000.

good luck!

p.s if the market respect current structure and bulls push above the head level,
bias will switch to bullish