Bearish on BTCUSDT PERP

Bearish on BTCUSDT PERP

I was looking on Weekly, Daily, 4Hour charts to see this. On weekly we have a rejection from previous high with a hammer candle that closed below the previous high of April 2021. That being said, I’m looking for short trades on longer time frame.

– On the Daily chart we are in a pullback with MACD crossing below the signal line on 23rd of October.
– On 4hours chart we have a developing Head&Shoulders, rules based technical analysis .
– Based on this from above and the fact that Left Shoulder and Hear ar in overbought zone of RSI => Looking for short trades based on price action.
– I’m expecting the price to reach the area of 61.8% fib, of 50781$.

Let’s see how this will develop.