Head & Shoulders Pattern on Bitcoin Hourly

31 okt. 2023There is currently a head and shoulders pattern on the Bitcoin hourly chart. This could possibly indicate a move to the downside soon, breaking the wedge that Bitcoin is currently in.

Support would be around $31,500.

Support on the Daily

31 okt. 2023

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Note:

There was another head and shoulders on the hourly chart as can be seen below.

However, there was a trend line right above the Head & Shoulders Pattern that the price would have had to break through first, which it didn't. Although, it still could.

The price also did not confirm above the neckline of the Head & Shoulders.

Previous Head & Shoulders on the Hourly


It still looks like a move to the downside is more likely... Unless, however, a Spot ETF gets approved, which could result in another big pop in the price of Bitcoin.

31 okt. 2023

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The Head & Shoulders Pattern has now been negated as a higher high has just been written on the chart.

Negated Head & Shoulders


Bitcoin is retesting the upper line of the wedge its currently in once again.

Could the inverse Head & Shoulders above still be in play?

31 okt. 2023

Kommentera

Alright, another update...

I have adjusted the wedge pattern I drew on Bitcoin and it seems to fit the current picture a bit better.

I am also brining back the previous Head & Shoulders pattern and making it valid. We'll have to see how this plays out.

Updated Wedge Pattern


Updated Head & Shoulders Pattern


Note:

There is consolidation on the daily chart of Bitcoin...
Today will be the 7th candle, which could indicate a big move to most likely the bearish side, or possibly the bullish side.
Unless, a Spot ETF gets approved.

Time Count on the Daily