After a few days of an unconvincing rally on btc, it failed miserably to complete the upper part of the right shoulder at around 6800. Instead, it smashed its head at around 6650, which still makes our pattern valid, and has now finally broken a very clear, very defined rising wedge on the 4h chart, as marked by the arrow on the chart.
About an hour after breaking, volume went dead, and EMA9 and SMA20 are very likely to end up crossing down, along with a MACD cross, which along with the already mentioned wedge broken, plus the H&S, give me a very clear setup to go short.
Target is at least the las low, around 5850, but I will take profit at 6120 since there is a very old, very strong support/resistance line there.
Good luck and safe trades. Remember, always trade with stop losses in place.
About an hour after breaking, volume went dead, and EMA9 and SMA20 are very likely to end up crossing down, along with a MACD cross, which along with the already mentioned wedge broken, plus the H&S, give me a very clear setup to go short.
Target is at least the las low, around 5850, but I will take profit at 6120 since there is a very old, very strong support/resistance line there.
Good luck and safe trades. Remember, always trade with stop losses in place.