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Date Posted: 08:56:02 12/17/19 Tue
Author: philbond007
Subject: XBT(bitcoin/dollar index): daily candle chart

Daily: Looks like it wants to test the $6,300 area, which is basically channel support. There's also a "bearish" H&S pattern that's sorta uncomfortably there. Anyway, if the $6,300 area fails, the $5,250 area looks very doable.

Note: H&S setups are supposed to be reversals of the existing trend, which is already DOWN per the chart below. Basically, I'd only consider the pattern to the extent that it's signaling weakness, & I definitely WOULD NOT consider using the pattern to project a price.



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