BTC has a possible iH&S forming on this relief bounce. Above & below we have LVA’s that could affect travel, and below we still have the CME GAP & the 1.127 FIB Bear Flag TGT . The local VPOC is forming the possible iH&S neckline. Major & Minor HVN’s from the weekly chart are marked.

The large grayed band is a large HVN area that we just travelled through…odds are that we reject from here and drop farther.

If the iH&S finishes printing, we could see a climb into the center of the grayed region or even farther, but since we are below the large HVN area, odds are that we drop farther & perhaps even faster.

Stay sharp & use your stops, whether you’re bullish or bearish . Happy trading!