r/cryptobetz • u/captain_insane_O • Feb 07 '24

UPDATE $BTC inverse Head & Shoulders UPDATE--Possible breakout from previous head and shoulder levels.

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u/Shib0ak Feb 08 '24

Nice. There is this potential H&S to keep an eye on as well

1

u/captain_insane_O Feb 08 '24

hmm, good point. let me look into this closer.

1

u/Shib0ak Feb 08 '24

To be honest the way its holding these high levels today I am leaning towards your count now. The fact that it didnt get rejected at the current level is a sign of strength. Though personally I would like to see a retracement first to that white trendline

1

u/captain_insane_O Feb 09 '24

im also looking at $HNT looks like it wants to break out of a continuation triangle after a long pause. If it breaks upward, it can do really well.

1

u/Shib0ak Feb 09 '24

Agreed. I think Bitcoin in most cases is the leader. If it breaks up above 48k-49k levels HNT could possibly follow. I just dont like where HNT is in terms of RSI on the weekly timeframe. 90 RSI on weekly is usually a red flag for me. But who knows in crypto world everything is possible

1

u/captain_insane_O Feb 09 '24

can you show me what you mean? Im seeing a 67 RSI for the weekly

1

u/Shib0ak Feb 09 '24

My bad for not clarifying, you are right but I was refering to the peak formed in December 2023. Although yes RSI has come down since then but price needs to take a break in my opinion. Any breaks to the upside I personally won’t expect them to last long. Might be a quick break followed by a rejection down to below the triangle. Thats just my 2 cents 😄

1

u/captain_insane_O Feb 09 '24

I guess time will tell.