BIG MOVE COMING UP!!

As in our previous analysis we indicated that the red trend line was a crucial line. At this point we are seeing that BTC is respecting that line and the line is acting as support however, we could also see that there is a H&S formation happening. The only problem with the formation is that the right shoulder is higher than the left but the volume is significantly droping as well, which supports the H&S formation. With the fact that we weren't able to make a higher high from the peak, I am getting more confident that we are likely heading down.
As always just thought not an advice.

Precious analysis;

SET YOUR STOP LOSSES BEFORE MAKING A TRADE!!!

Note

The question here is: Is 200 EMA going to hold? I believe it is unlikely. We could see a bounce from here. However, there seems to be not enough volume coming in.Also if we look at the daily chart we have a long way to 50 EMA. However, if you want to make an entry here, it could be done. Just set your stop losses before hand.Its a risk-reward issue. =)

Note

As said in the previous comment, we have reached the 50 EMA on the daily chart . It is a slight possibility to see a bounce from here to the top trend line and back down to the bottom trend line. However i never recommend trying to catch a falling knife. Wait for it to fall and settle ;) If you are willing to take the risk,which will have a nice return, set your stop losses before the trade. Trading is all about risk management.=)

Behzadin

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.

Behzadin