Hello friends, looking at the daily chart on BTCUSD , I saw a small possibility for H&S Pattern. I know that most of you are waiting and following on the weekly inverse H&S , however I wanted to share with you my doubts. If my idea becomes valid, my target would be in the 6400-6500$ area, but if BTC breaks 9200$ level and closes above it I would start thinking bullish . Until then I will stay neutral till BTC chooses its way.
NAMASTE!
NAMASTE!
Trade active
As expected 9200$ was a resistance level and BTC formed the right shoulder. A breakout from 8450$ would cause a sellout which might stop at 8000$-8200$ but in my opinion it won't be a strong support area. It might rally back to the neck of the H&S pattern to test for resistance. But my global view is that 7600$ - 6600$ is a strong support area at the moment. However, if BTC breaks 6400$ I think it would be very critical for the bulls.
NAMASTE!
Trade active
Also, I drew support areas which I think that are important.
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First major support hit!
Trade active
On 4H chart a bullish divergence is evident. Also, if the current candle closes like this it is a candlestick confirmation for hammer. I expect first movement to stop at the support area of 8000$. However, there is a small possibility to test the neckline of the H&S.
Trade closed: target reached
Target was reached. Trade closed with huge profits. Also it is evident that Bitcoin doesn't give f**k for supports....
Namaste!
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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.