BTCUSD - Waiting for breakout confirmation - UPDATE 9 october
Updated
BTC reversal Head and shoulder - testing the NECK
After a short bounce from the neck, we are waiting for more price movement.
For now, the neck has hold the price.
Previous analyse (october 8):
BTC reversal Head and shoulder breakout has been confirmed.
-BULLISH CONDITION
The neck is showed on the chart as 'support neck' - 6640
The price closed above the neck and I am patiently waiting for confirmation.
Now we are using the neck as a support and we are waiting for a bounce.
If it bounce from the neck and it go above the breakout zone, we can BUY and expect a bullish continuation trend.
Why am I waiting to buy even if it broke the big resistance (red diagonale on the chart) that everyone is talking about?
Because we don't want to get caught in a bull trap.
Always considering the risk management first.
-BEARISH CONDITION
1. If the price closed below our 'support neck' - 6640, we expect the price to test the support zone .
2. If the price closed below our support zone as showed on the Chart, I am expecting the price to go further down.
That would mean our bullish channel would be breakdown.
In this scenario, I will reevaluate the market and do an update.
Thank you,
After a short bounce from the neck, we are waiting for more price movement.
For now, the neck has hold the price.
Previous analyse (october 8):
BTC reversal Head and shoulder breakout has been confirmed.
-BULLISH CONDITION
The neck is showed on the chart as 'support neck' - 6640
The price closed above the neck and I am patiently waiting for confirmation.
Now we are using the neck as a support and we are waiting for a bounce.
If it bounce from the neck and it go above the breakout zone, we can BUY and expect a bullish continuation trend.
Why am I waiting to buy even if it broke the big resistance (red diagonale on the chart) that everyone is talking about?
Because we don't want to get caught in a bull trap.
Always considering the risk management first.
-BEARISH CONDITION
1. If the price closed below our 'support neck' - 6640, we expect the price to test the support zone .
2. If the price closed below our support zone as showed on the Chart, I am expecting the price to go further down.
That would mean our bullish channel would be breakdown.
In this scenario, I will reevaluate the market and do an update.
Thank you,
Note
Note
This is a 16min Chart of BTCI am looking at tis reversal Head & Shoulder
-BULLISH CONDITION
If the price close above the neck - 6668$ - and retest it
that would confirm the bullish pattern.
The target is 6720$-6730$
That would put BTC price right back on our 'breakout zone' - at the top - of my 4H chart
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