Good morning everyone,
just a quick update as yesterday I talked about a H&S but the chart was not on the right TF to show you. This is not the H&S I had in mind yesterday in the linked update, BUT a new one is formed, with different shoulders ut identical head, hence identical target in the 6000 area. As I said, the ridiculous yesterday price action confirms that the direction is downward as far as I am concerned.
I circled the attention area for the target (6100-5900) which is a confluence of
- a medium term descending channel's and short term rising channel's boundaries;
- 61.8 retracement level of the rising leg
6400 are also possible targets as below 5800 are, but less likely AT THE MOMENT. I expect this to be a smooth and natural retracement after the rally from 4000 to 7200.
Last short before the halving :)
Let me know what you think and if you have different visions or targets in the comment area!!
just a quick update as yesterday I talked about a H&S but the chart was not on the right TF to show you. This is not the H&S I had in mind yesterday in the linked update, BUT a new one is formed, with different shoulders ut identical head, hence identical target in the 6000 area. As I said, the ridiculous yesterday price action confirms that the direction is downward as far as I am concerned.
I circled the attention area for the target (6100-5900) which is a confluence of
- a medium term descending channel's and short term rising channel's boundaries;
- 61.8 retracement level of the rising leg
6400 are also possible targets as below 5800 are, but less likely AT THE MOMENT. I expect this to be a smooth and natural retracement after the rally from 4000 to 7200.
Last short before the halving :)
Let me know what you think and if you have different visions or targets in the comment area!!
Order cancelled
The price took too much time to follow the above mentioned strategy, that is a sign that it may not work. Also, the price went above, even if for less thanone hour. The H&S is invalidated, and the descending triangle as well. I still expect a leg down, but targets will be different. Price is nowc onsolidating above 7k-> new analysis needed!
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Are you a good trader but you lack the capital?
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
Related publications
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.