Bitcoin is currently forming a head and shoulder pattern in 1D time frame. Here are key observations:
- Neck break has occurred and is currently going for a retest of the neckline.
- Neckline retest can push price down but incase we see the resistance fail and a BIG volume upside move invalidates H&S bitcoin can turn bullish.
- Current focus is the Area of interest marked on the chart.
- Trading side is slightly tilting towards a bearish scenario but weekend low volume scenarios are hard to predict.
- Keep an eye on world markets and trade accordingly.