Head and shoulders pattern forming most definitively on 4H charts with Bitcoin. ~$5750 seems to be a level which coincides with the Fibonacci levels, making it extremely conspicuous. The Kovach OBV indicates long term positive momentum, whereas the Kovach Chande indicator has turned negative confirming a pullback is near. The Fibonacci time zones indicate the time is nigh for the aforementioned retracement.
This pullback is needed in the larger scheme of things due to the monumental rise of cryptocurrencies in the past two years. In the near term conviction is 'short', however this will provide a nice opportunity to enter a position in BTC or add to an existing one.
If you are interested in the Kovach Momentum indicators and Kovach Reversal indicator, check out quantguy.net
This pullback is needed in the larger scheme of things due to the monumental rise of cryptocurrencies in the past two years. In the near term conviction is 'short', however this will provide a nice opportunity to enter a position in BTC or add to an existing one.
If you are interested in the Kovach Momentum indicators and Kovach Reversal indicator, check out quantguy.net
Join my discord at discord.io/quantguy