BitcoinLong
BTC channel, possible reversal with inverse head and shoulders
Updated
As you can see we have been in this parallel channel for a while now. We have a parallel channel and also a potential inverse head and shoulder in play here. Looking at the price action, buyers seems to be strong now. Previously at upper resistance we saw some strong exhaustions followed by long red candles. However, after we have rebound from 7900, tables have turned and buyers are strong, as we see big green candles and small red candles with noticeable slow selling action. Also to notice price has bumped before hitting the channels support.
Suggested actions:
1. Buy at the bottom of the channel when we reach it, given we don't see long red candles now.
2. If this breaks out to the upside with at least above average (30) volume, inverse head and shoulders will be in play here. So at breakout entry is suggested, with stop below immediate swing low.
3. Shorting from top not suggested here at this point since it's missed at the time of publishing, and also as buyers are clearly strong now.
Suggested actions:
1. Buy at the bottom of the channel when we reach it, given we don't see long red candles now.
2. If this breaks out to the upside with at least above average (30) volume, inverse head and shoulders will be in play here. So at breakout entry is suggested, with stop below immediate swing low.
3. Shorting from top not suggested here at this point since it's missed at the time of publishing, and also as buyers are clearly strong now.
Note
Looks like market got away quick. Whoever had stop orders at around breakout zone is now in a profitable trade. Inverse hns target is 8750.Note
If you have booked profit near 8650, then it's well and good. If not now is the time to book some profit as it's evident from exhaustion handles on 4h that buyers are dried up.Trade closed: stop reached
Trade has failed. However, everyone should be able to get out without loss.
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