Bitcoin has pulled back from the recent all-time high, moving back into the larger consolidation zone which started around the 10th of March.

This trade setup is to enter long on an intraday break of the high on the 19th of April.

Momentum has been favouring the bulls, so if this recent pullback can muster up some bullish action, the possibility is for a stronger move higher.

But, the technical traders will note that a head and shoulders pattern is looming large, which could play out over the next few days to weeks. We just need to see the right shoulder for a better signal and then a break below the neckline.

The reward for this trade is small, given the possibility of a head and shoulders pattern forming.

Bitcoin swing (long) if ST high is broken

Apr 22 2021

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