OBSERVATION : BTCUSD Reverse Head and Shoulders on daily

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BTCUSD daily is show a reverse head and shoulder which would entail a bullish reversal.

IMO overall the BTC chart is trending bearishly and I would be very hesitant to enter this trade until confirmation of the neckline being broken in coming days.

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ملاحظة

Since BTC owns the vast majority of the market cap you will find similar trends in other cryptocurrencies. Here's the same setup for XRPUSD:



Take profit areas are the previous support and now resistance areas best shown in the higher time frames:

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ملاحظة

Target reached for BTC at pink line. For anyone who entered exit the trade. Price has hit historical resistance. I expect price to be rejected from her an continue the overall bearish trend.

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