BitcoinLong
Bitcoin - Early inv. H&S Pattern Idea
Updated
Hey,
here my (very early) inv. H&S pattern idea which will takes as as a first step down to 7.7-7.8k$ forming the right shoulder and then back again to 8.6k $ breaking the neckline with a final target at around 10k $. Volume also supports the idea till now.
4h RSI getting overbought, lower breakout support havent tested till now, stoch. RSI giving sell signal.
Positive overall signal is the G20 call that crypto isnt dangerous.
This is a very early call, breaking neckline now will invalidate it, dropping below the right shoulder market will make it invalid or not breaking the neckline on the way up.
But in general pump only is always risky because a natural behaviour would be the retest of lower support and retrace movements. G20 call might give a big flash pump, so as I said, this is an early idea.
Good luck everyone.
PS:
Wave counting can be discussed but i did it on smaller timeframes which makes it easier.
I appreciate input/comments.
here my (very early) inv. H&S pattern idea which will takes as as a first step down to 7.7-7.8k$ forming the right shoulder and then back again to 8.6k $ breaking the neckline with a final target at around 10k $. Volume also supports the idea till now.
4h RSI getting overbought, lower breakout support havent tested till now, stoch. RSI giving sell signal.
Positive overall signal is the G20 call that crypto isnt dangerous.
This is a very early call, breaking neckline now will invalidate it, dropping below the right shoulder market will make it invalid or not breaking the neckline on the way up.
But in general pump only is always risky because a natural behaviour would be the retest of lower support and retrace movements. G20 call might give a big flash pump, so as I said, this is an early idea.
Good luck everyone.
PS:
Wave counting can be discussed but i did it on smaller timeframes which makes it easier.
I appreciate input/comments.
Note
H&S early idea which leads us down to 7.4k. Potential neckline to right head trade if this pattern is valid.
Note
Point (B) needs to be higher, right at the right shoulder, sry for that
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