Plan works perfect so far, showing 76-77.3K target
Morning everybody,
So, our H&S pattern starts perfect. The only thing that we've missed is the neckline top - we thought it should be around 71K but it has been formed around 73K, which is even better in perspective.
So, 2nd stage of the plan is done as well - right arm stands in place. We also have bullish grabbers on daily chart.
All this stuff, based on H&S suggests action at least to ~75.8-76K area, while daily expansions point on 77.3K.
Invalidation point of this scenario is 67.5K right arm's lows. If BTC drops below it, our view will turn bearish based on H&S "Failure" pattern. But for now we have no reasons yet to consider bearish setup.
So, our H&S pattern starts perfect. The only thing that we've missed is the neckline top - we thought it should be around 71K but it has been formed around 73K, which is even better in perspective.
So, 2nd stage of the plan is done as well - right arm stands in place. We also have bullish grabbers on daily chart.
All this stuff, based on H&S suggests action at least to ~75.8-76K area, while daily expansions point on 77.3K.
Invalidation point of this scenario is 67.5K right arm's lows. If BTC drops below it, our view will turn bearish based on H&S "Failure" pattern. But for now we have no reasons yet to consider bearish setup.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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.