BTC: When to buy? Not yet.
As we get into shorter time frames, i.e., daily candles, the candles appear as this giant dragon's graceful stamps; like it or not, or support it or not, Bitcoin is an honorable beast.
We have seen in the previous posts the significance of the "big red November candle." It starts a new bearish movement and that movement rests in itself, belittling the predictive power of anything outside itself. So, we will inherit from the previous analyses not much but only the definition of the Zone I (see the attached ideas).
Now, it requires no prophecy or extraordinary wisdom to see in the chart the inverted H&S in the making. If the market breaks the neckline (dotted), it can easily hit the upper boundary of the Zone I. However, we are still below it, and a right-shoulder channel might be at work (will be confirmed if there'll be a third touch to its currently hypothetical resistance. Note that the red arrow is not predictive but is there just to point out to the lower boundary of the Zone I.
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We have seen in the previous posts the significance of the "big red November candle." It starts a new bearish movement and that movement rests in itself, belittling the predictive power of anything outside itself. So, we will inherit from the previous analyses not much but only the definition of the Zone I (see the attached ideas).
Now, it requires no prophecy or extraordinary wisdom to see in the chart the inverted H&S in the making. If the market breaks the neckline (dotted), it can easily hit the upper boundary of the Zone I. However, we are still below it, and a right-shoulder channel might be at work (will be confirmed if there'll be a third touch to its currently hypothetical resistance. Note that the red arrow is not predictive but is there just to point out to the lower boundary of the Zone I.
Follow me to get notified when the 4h chart is out!
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