BTCUSD : H&S potentially forming on 4HR. Careful.
Updated
Everyone is talking about the 'imminent Bull-run starting on the 6th June'.
So, because EVERYONE knows about the Pattern now, it usually becomes invalidated now. That's generally how Trading & Markets work, I'm sorry to say. When it doesn't occur (happy to be wrong!), there will be another sell-off. And we'll probably eventually re-visit 6.K or lower in the short-term.
Nevertheless, I have put on some Long-positions with tight Stop-Losses in case we do Bull run; if not, I'll just pay Brokerage Fees pretty much. I will be surprised in 6th June being the Bulls.
IMH0, we need proper and deep capitulation to usher in the new Bull-run and go Full Steam Ahead. So, don't fear the Bear :-)
So, because EVERYONE knows about the Pattern now, it usually becomes invalidated now. That's generally how Trading & Markets work, I'm sorry to say. When it doesn't occur (happy to be wrong!), there will be another sell-off. And we'll probably eventually re-visit 6.K or lower in the short-term.
Nevertheless, I have put on some Long-positions with tight Stop-Losses in case we do Bull run; if not, I'll just pay Brokerage Fees pretty much. I will be surprised in 6th June being the Bulls.
IMH0, we need proper and deep capitulation to usher in the new Bull-run and go Full Steam Ahead. So, don't fear the Bear :-)
Note
H&S probability just increased with 4HR MACD Bear-cross. Going into Friday, will be interesting to see whether Traders want to hold their Bitcoins over the weekend, or sell for Fiat/Tether.
My ABC Elliott Wave correction (below) should be taken as a rough guide. But, IMH0, if we fall below $7550, the Bears will probably consider coming out of hibernation.
Trade closed: target reached
H&S and Rising Wedge played out perfectly. Wave A has performed better than I imagined reaching $7200 as I write this.
Amazing how few Likes you get when published Bear Scenarios ;-)
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