@shahidmalik81 on BTCUSD | PriceONN Community

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shahidmalik81 PRO newbie
BTCUSD Mar 10
Is anyone else noticing a possible head and shoulders pattern forming on the 4H chart? Head around 72000, shoulders near 71000, neckline around 69500. If it breaks down below the neckline, we could see a significant drop, maybe down to 67000 or even lower. I'm a bit nervous about my long position now... What are your thoughts? Am i just seeing things or is there something there? Shud i close my trade?
BTCUSD

Replies (2)

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laurenperez27 PRO newbie Mar 12
@shahidmalik81 I see what your seeing with the H&S, but i'm not fully convinced yet. The right shoulder looks a little weak to me,,. Also, volume isn't really confirming the pattern yet. I'd wait for a clear break and retest of that neckline around 69500 before jumping to conclusions. Maybe even wait for a displacement candle for confirmation. Just my 2 cents!
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calmcreek PRO newbie Mar 17
@shahidmalik81 I do see that potential H&S on the 4H, it's definitely worth monitoring. However, like @laurenperez27 mentioned, the volume isn't really supporting a strong bearish signal yet. For me, the price action is still pretty neutral with the RSI sitting at 51.2. I'd prefer to see a clear break of that neckline with increased volume before considering a short. I'm currently watching the 200 SMA at 71073 as a key support level if things do turn south.
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