Hello traders, it has been awhile since i have published a chart
but i could not resist holding back my opinion on what i foresee
in this market. With so many people still expecting 5k its almost
comical and reminds me of last year when we were trading below
4200 prior to the massive breakout that came upon breaking out
of the inverse head and shoulders we had formed at that time.
Illustrated in the chart above is what i am predicting for bitcoin
within the next month. As we can see for those that know and
understand patterns/formations you know that what we have
here is a typical setup for a market reversal.
KEY TAKEAWAYS
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
but i could not resist holding back my opinion on what i foresee
in this market. With so many people still expecting 5k its almost
comical and reminds me of last year when we were trading below
4200 prior to the massive breakout that came upon breaking out
of the inverse head and shoulders we had formed at that time.
Illustrated in the chart above is what i am predicting for bitcoin
within the next month. As we can see for those that know and
understand patterns/formations you know that what we have
here is a typical setup for a market reversal.
KEY TAKEAWAYS
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
Note
Yet again i make a call and the market follows my prediction. I am long from 8250 on cross leverage. Right now BTC is trading at 8460 a falling wedge has formed on the 4hr chart we have tapped upper trend-line resistance "8514" as i expected and have held above 8430. Yesterdays resistance"8430" is now acting as today's support. The next key level to get above is going to be today's high at 8514 if broken i am targeting 8570-8594. Let's take this level by level and not get to ahead of ourselves. 
Note
BTC has hit resistance at 8514 and tested the resistance line of this falling wedge. It is likely the next 4hr candle will break BTC past its line of resistance. If broken expect the next resistance zone of 8570-8630.Current positions
Swing account
Position - Long
Entry - 8250
Scalp account
Position- Long
Entry - 8370
Note
LTF market structure - 5min
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.