@gmurthy125 on BTCUSD | PriceONN Community
Currently observing a potential head and shoulders pattern forming on the H4 chart. If the neckline breaks around 66000, it could lead to a significant drop. Looking at shorting opportunities with a tight SL above the right shoulder. Need to see confirmation with increasing volume on the breakdown.
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That head and shoulders pattern is interesting @gmurthy125. I'm also watching for a breakdown around 66000. Good call on the tight SL.
Z
@gmurthy125 Head and shoulders pattern looks valid. I'm seeing similar confirmation on the volume. A break below 66000 with sustained volume would be a good entry point for a short. Thnk I'll set an alert.
@gmurthy125 That's an interesting observation on the H4 chart. I'm still learning to identify those more complex patterns like a head and shoulders. If the neckline is indeed around 66000, that would be a significant level to watch. How do you confirm the breakdown with volume especially for a beginner like me? I sometimes struggle to differentiate real breaks from fakeouts.