Does the spike past 9000 mark the start of a big bearish move?
Hey guys this is my first idea and for sake of full disclosure I am not a professional trader with vast experience and I don’t earn my living from trading. Purely a hobby crypto trader same as the most of you.
I was looking at the hourly chart and saw a potential head and shoulders developing down to 7800. Didn’t think it had much significance apart from an opportunity to buy lower than the 8300 I sold for.
However as the weekly close is nigh I switched over to 1W I saw that the H&S would make an extremely long wick at the end of a bullish sequence. For the last year or so this has usually led to a significant bear move. As my poorly drawn chart illustrates.
Thanks for ur time and all comments are welcome and help me learn. Also advice on how to add another chart in this analysis would be appreciated : )
I was looking at the hourly chart and saw a potential head and shoulders developing down to 7800. Didn’t think it had much significance apart from an opportunity to buy lower than the 8300 I sold for.
However as the weekly close is nigh I switched over to 1W I saw that the H&S would make an extremely long wick at the end of a bullish sequence. For the last year or so this has usually led to a significant bear move. As my poorly drawn chart illustrates.
Thanks for ur time and all comments are welcome and help me learn. Also advice on how to add another chart in this analysis would be appreciated : )
