@JustinH16 on BTCUSD | PriceONN Community
J
Yo, looking at BTCUSD here, I'm seeing a potential head and shoulders pattern forming on the H4 chart. The left shoulder and head look pretty solid, but the right shoulder is still developing. If this pattern completes, we could see a significant drop. Keep an eye on that neckline around 65k.
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J
Forgot to mention, I'm also seeing some pretty high volume on these down candles, looks like real conviction behind the sellers. That makes the H&S pattern seem even more likely to play out.
Hey @JustinH16, I saw your post about that H&S pattern on BTCUSD. I'm actually leaning more bearish myself, so that analysis makes a lot of sense to me. The fact that volume is picking up on those down moves is definitely concerning for the bulls. I've been watching the price hover around that 67.3k resistance and it's just not breaking through with conviction. Plus, with that Nakamoto Holdings selling off, it feels like institutions are getting nervous. I'm personally scaling into a short position slowly, looking to add if we see a clear break below 67k.