Technical analysis by mrdawowski about Symbol BTC: Sell recommendation (10/31/2023)

There is currently a head and shoulders pattern on the Bitcoin hourly chart. This could possibly indicate a move to the downside soon, breaking the wedge that Bitcoin is currently in.Support would be around $31,500.Support on the DailyNote:There was another head and shoulders on the hourly chart as can be seen below.However, there was a trend line right above the Head & Shoulders Pattern that the price would have had to break through first, which it didn't. Although, it still could.The price also did not confirm above the neckline of the Head & Shoulders.Previous Head & Shoulders on the HourlyIt still looks like a move to the downside is more likely... Unless, however, a Spot ETF gets approved, which could result in another big pop in the price of Bitcoin.The Head & Shoulders Pattern has now been negated as a higher high has just been written on the chart.Negated Head & ShouldersBitcoin is retesting the upper line of the wedge its currently in once again.Could the inverse Head & Shoulders above still be in play?Alright, another update...I have adjusted the wedge pattern I drew on Bitcoin and it seems to fit the current picture a bit better.I am also brining back the previous Head & Shoulders pattern and making it valid. We'll have to see how this plays out.Updated Wedge PatternUpdated Head & Shoulders PatternNote:There is consolidation on the daily chart of Bitcoin...Today will be the 7th candle, which could indicate a big move to most likely the bearish side, or possibly the bullish side.Unless, a Spot ETF gets approved.Time Count on the Daily