BitcoinUpdated BTC potential Inverse HS pattern,bottom 5.2~5.5k?!
HI GUYS. today is such a gloomy day. btc is falling, and falling. i have opened my short position at 6500, sold it at 6080. I went long at 6050, sold it at 6150. for me, it is successful, but there are so many people in dooms!
now, i want to share quick about a potential inverse pattern that might play out. this is all just a SCENARIO, IF we play out just like last time.
But! this idea will be invalidated immediately if we go much higher today to 67 area in coming days, this scenario becomes garbage instantly. however right now the rsi levels, obv, mfi, every indicators, time period before etf hearing, indicates that
this kind of charting play might play out IF the bulls want to make a run in sometime in September.
guys, you have to understand first, that i think the neckline, for now, just for now, the major resistance is NO longer 6.7~6.8. It is 6.6, and 6.5. yesterday a head and shoulder pattern broke out from 6.5~6.6 area, and this zone is making a big resistance.
i do not know where real bounce may come but, at 5.75, since it is a former bottom there will be a bounce, and the top may be 6.2~6.3 at max playing around at 6.0~6.1 mostly.
then it will resume going down to 5.2~5.5k levels, and it will shoot up to 6.3~6.4 levels, and it might come down to make a DOUBLE BOTTOM formation, but just higher then the former low or similar.
after that, we go sideways, and shoot when a clear bull div has appeared on daily frames.
HOWEVER, now the indicators in daily is oversold, and it doesn't have so much room to go down, BUT! in 2014, RSI levels in daily even hit 20 levels, which we might see a massive downtrend.
Personally I want this idea to be invalidated, this is really crucial.
for now guys, do not jump in 6.0~6.1 level. investment plan for shorts and longs are below.
1. Open shorts
6180~6200(just if BTC breaks out of the rising wedge today we can try)
-target 58.7/57.5
-->this is absolutely risky I do not recommend this. only for experts who see this coming, with very tight stop at 6250.
2. Open longs
58.4/57.6/55
-target 6k, 6.2k+@
--->this right now seems like its not going to happen, and this call may be VERY EARLY. HOWEVER, we will see a bounce here so not a risky trade like the short.
good luck in trading!!!!
now, i want to share quick about a potential inverse pattern that might play out. this is all just a SCENARIO, IF we play out just like last time.
But! this idea will be invalidated immediately if we go much higher today to 67 area in coming days, this scenario becomes garbage instantly. however right now the rsi levels, obv, mfi, every indicators, time period before etf hearing, indicates that
this kind of charting play might play out IF the bulls want to make a run in sometime in September.
guys, you have to understand first, that i think the neckline, for now, just for now, the major resistance is NO longer 6.7~6.8. It is 6.6, and 6.5. yesterday a head and shoulder pattern broke out from 6.5~6.6 area, and this zone is making a big resistance.
i do not know where real bounce may come but, at 5.75, since it is a former bottom there will be a bounce, and the top may be 6.2~6.3 at max playing around at 6.0~6.1 mostly.
then it will resume going down to 5.2~5.5k levels, and it will shoot up to 6.3~6.4 levels, and it might come down to make a DOUBLE BOTTOM formation, but just higher then the former low or similar.
after that, we go sideways, and shoot when a clear bull div has appeared on daily frames.
HOWEVER, now the indicators in daily is oversold, and it doesn't have so much room to go down, BUT! in 2014, RSI levels in daily even hit 20 levels, which we might see a massive downtrend.
Personally I want this idea to be invalidated, this is really crucial.
for now guys, do not jump in 6.0~6.1 level. investment plan for shorts and longs are below.
1. Open shorts
6180~6200(just if BTC breaks out of the rising wedge today we can try)
-target 58.7/57.5
-->this is absolutely risky I do not recommend this. only for experts who see this coming, with very tight stop at 6250.
2. Open longs
58.4/57.6/55
-target 6k, 6.2k+@
--->this right now seems like its not going to happen, and this call may be VERY EARLY. HOWEVER, we will see a bounce here so not a risky trade like the short.
good luck in trading!!!!
Note
guys now in daily, we can see a 'slight' bull divergence, which has not appeared for so many days, but today finally. volumes hit so low, the level is last october, stoch rsi is trying, struggling to come up after being flat. so i entered at 6080, long position with tight stop at 5940. if it does not go over 6150/6200 today, i can just sell it right away.
Note
so small reason i went long is this head and shoulder pattern, i don't believe in patterns only it helps me enter positions just a bit. if this true, target is 66~68.
now i'm just neutral but believing just~~~a little more for longs.
Note
Well it is the btc i know!i sold my longs at 6140 levels. 1hr has double bottom candle 4hour with bull div but it can give a leg down though before moving up. Long tarhets are same if price do not come to that point i will look for short entries afterwards. trade carefully.Note
guys do not fomo in an buy. we are consistently making hammers on small time frames, but bulls are starting to get exhausted because indicators are running out of fuel. we are in indecision so long now, i don't think this will work unless we visit next support, or lower low. rsi starts to make bear divergence with 6180 on top, indicators are not promising, even we are down very low. only go long at 57/58 levels, if not, wait for short above 6.5~6.7levels or it might be 6.3, so i will update you!Note
so guys, this potential inverse h&s, may still in play if we do not go to 67 area, and stay below 65. we can still go to 5.7 and try to make a bounce there. but! it is invalidated for now, but i will keep an eye on it, because this pattern plays out with days, and weeks of charts, so myabe this is not in play yet.Note
guys, it seems like maybe my potential inverse h&s pattern might be in play! so watch out, i have my own principles so i am loading up on longs at 58 57. below 57, this idea could be invalidated if we go 5.5k at once.
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