Another Head and Shoulders on BTCUSD

26 Ağu 2021

Found another Head and Shoulders pattern on 4h this time! If we got a 4h close below the neckline i.e. around $47000, we can see the price at $46600 which is 100 Exponential Moving Average in 4h timeframe. I am expecting a price pullback from this level to retest the neckline of Heads and Shoulders.

If the retest is done successfully, on breaking the previous local low i.e. $46600, we can get a support at $46000 (daily EMA support). Technically, targets are around the same $42000 weekly/daily support region which I have also marked in my previous idea "[Detailed Analysis on BTC/USD]: Price Action & My Opinion":

If we look in Daily Timeframe the price, we can also observe a Ascending Broadening Wedge Pattern which can broke on either sides!

Muneeb

28 Ağu 2021

İşlem kapandı: hedefe ulaştı

Well, the retest of the head and shoulders pattern was not successful but BTC wicked down to $46600! So, first target reached but final target of $42000 haven't reached.

Muneeb