Bitcoin BTCUSD resumes rally on 1HR H&S pattern!
Updated
https://www.tradingview.com/x/jc7mpNZ5/
Bitcoin following a little strength in weak volume weekend trading & then softness during Monday trading right around the world, has during Tuesday's Oceania & Asian session recommenced a rally fuelled mostly by this Head 'n' Shoulders Buy setup on the 1 Hour timeframe. It appears to be showing good strength so far today.
Buy on a pullback perhaps..... It would appear that a retest of this H & S is complete.
Bitcoin following a little strength in weak volume weekend trading & then softness during Monday trading right around the world, has during Tuesday's Oceania & Asian session recommenced a rally fuelled mostly by this Head 'n' Shoulders Buy setup on the 1 Hour timeframe. It appears to be showing good strength so far today.
Buy on a pullback perhaps..... It would appear that a retest of this H & S is complete.
Trade active
4HR Chart & the big green Candle upwards which commenced Oceania trading about 6 hours ago at the commencement of Tuesday session.
Trade active
Notice the 20 & 50 EMA's converging together & sloping upwards again.Trade active
This 1Hourly H&S buy is looking good still. I am expecting some more buying demand soon as Europe awakens & during the New York session Tuesday.
But be aware that anything is possible with Bitcoin regarding its price action. We sometimes see price reversals for no apparent reason.
However, I am one that is bullish on bitcoin. I mostly trade gold and silver but I dabble in some bitcoin.
See my chart I just updated which gives you a possible price target for this trade on the H&S 1HR. This is copybook take profit for a H&S but I don't know for sure that price will climb a further 3.25% today. I think this H&S on the 1HR will continue to play-out bullishly over the next couple of trading day.
Trade closed manually
59,330 is possible for bitcoin due to the opposing head n shoulders pattern on the 15m. I see the resumption of strength upwards soon.
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.