Long

BTC (Y20.P5.E2).Inverse H&S target reached

Updated

Hi,

Just putting it out there.
Probably explains the dump.

Cheers,
S.SAri

Exact calculations as using the height by the length of the stick can be inaccurate.

18480-10480=8000
10482-3852= 6630
So they don't match.
Does this mean we have another $1370 to go?

Note

Another perspective, but from a fib level, it has confluence as well to this level. Obviously I do expect newer highs but there is no reason why the retracement for the short term cannot be within the 2 fib levels.

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How likely are we going to get a head and shoulders formation of some sort? I think high.

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Its all about levels. If this doesn't hold this orange box level, its going down to the next support level.

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invalidated by this cradle move. I should remove my mentality that this is the potential top. No problem as the orange box is still support and hence still holding my BTC. 18338 is my thoughts, on this move.
8 hrs still bullish

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on the 4 hourly, BTC looks like forming another bullish formation where its holding this upper trend line of the channel. This level will be tested a few times so we are not out of the woods yet, but its looking positive.

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Another method to confirm we hit the target. Look at the green lines measuring height. It turns out that AB=CD.
To open the door for further price upwards, we need BTC to close a 4 hrly candle above 18175.
The orange box is the area most likely to pull back too. 15178 to 16400

Note

Its hit my micro target and hence a pullback.
At this point, I no longer favour a correction pullback or the bullish.I don't favour any direction at this point.
We can be here for a week or more, as I said before we will get clues to understand the structure puzzle as time goes by and what is likely to happen.
Hence trying to take advantage of this scenario is difficult at this point, I would definitely not short any time soon.

Trade active

why bitcoin is still bullish, as long as it holds above this trend\support line, then its unlikely we will have a retracement\pullback any time soon.

Note

For now, the 10 hrly trend works for me. If it breaks this trend, then I will use the 12 hrly and then the daily to determine exit. for now, I have my stop limit at 17760

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My current thoughts:
===========================
if price drops below this red area, it opens the door to a change in trend.
The current support level using the CPR is this orange box, so wicks in this area is only a sign of strength. if it falls below this area, its likely to go sideways or drop further.

Note

Note, I forgot to mention, I have my stop loss around 17750.

ssari

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BTC (Y20.P5.E1).Price Action Explained

by ssari

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