H&S forming? a Possible retracement in short term.
We can se the false Breakout of the previously mentioned 61.80% fib level at 8167$ that now is again a resistance level.
RSI is in a possible reversal zone, and the price could be forming a Head & Shoulders pattern.
Multiple 4h close under 8167$ could lead to a retracement.
The target of the short term bearish retracement could be 7607$ that is 50% fib levele of the last bullish movement, a price resistence zone and where MA50 (4h) is
RSI is in a possible reversal zone, and the price could be forming a Head & Shoulders pattern.
Multiple 4h close under 8167$ could lead to a retracement.
The target of the short term bearish retracement could be 7607$ that is 50% fib levele of the last bullish movement, a price resistence zone and where MA50 (4h) is
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Let me know in the comment your thoughts on this.
