mrdawowski

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

Recently, BTCUSD has been having a bit of a bull run. This is probably because most people were and are still expecting a Spot ETF to be approved. That is, according to mainstream sources.I'm not sure whether the bull run has finished yet, however, we do have some chart statistics that show Bitcoin will probably have a pullback.Firstly, the RSI is showing >80 on the Daily at the moment, which is very overbought. In fact, during the bull run, Bitcoin hit an RSI number of 90+ temporarily. To put that into perspective, that is the same RSI number Bitcoin hit when it had its late 2021 bull run.RSI on the DailySecondly, there are two strong trend lines on the weekly chart that Bitcoin has just run into, and its clear they're strong resistance.Weekly ChartI have shorted BTCUSDT at this level, and I'm expecting the price to go down soon. Although, I could be wrong.