Bitcoin Expected higher prices - check out why!
Updated
Dear traders,
Here is a new update for Bitcoin on the 2 hour chart.
As you can see, my previous head shoulder formation came true exactly. Also the small head shoulder formation in the descending trend channel have been perfectly met (target1).
How is Bitcoin doing now and what can we expect.
Currently we are in the process of forming a mini inverted HS with the neckline of the turquoise H-S at 52627 as the target.
Important is to be constantly alert for the formation of a new structure, patterns, divergences etc.
So for the moment I am LONG on BTC until 52627.
The reasons for this position:
1 We see a positive divergence in the RSI (4 hours chart)
2. The falling trend channel has been broken.
3. The targets of the 2 previous HS formations have been met exactly.
A rebound to the previous important key level at 52627 is thus very possible.
Please note these are hypotheses, my personal view. Everyone has their own view on the charts and that is perfect. That's why there are bulls and bears. The balance in the market.
I don't see the price going higher than 55000 before we can expect another wave down.
Important: If the price of Bitcoin drops UNDER 46000 then the older lower target will come back into view! So keep that in mind!
A closing price of the day candle below 46000 is bearish and continuation of the downtrend!
A closing price above 55000 is a possible scenario towards the old all time high, a double top or higher targets after breakout above the All time high
Traders, this is my personal view on Bitcoin, No trading advice. Always do your own research before trading and at least use stops and money management to limit your risk.
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
I wish you lots of profits and above all safe trading!
Here is a new update for Bitcoin on the 2 hour chart.
As you can see, my previous head shoulder formation came true exactly. Also the small head shoulder formation in the descending trend channel have been perfectly met (target1).
How is Bitcoin doing now and what can we expect.
Currently we are in the process of forming a mini inverted HS with the neckline of the turquoise H-S at 52627 as the target.
Important is to be constantly alert for the formation of a new structure, patterns, divergences etc.
So for the moment I am LONG on BTC until 52627.
The reasons for this position:
1 We see a positive divergence in the RSI (4 hours chart)
2. The falling trend channel has been broken.
3. The targets of the 2 previous HS formations have been met exactly.
A rebound to the previous important key level at 52627 is thus very possible.
Please note these are hypotheses, my personal view. Everyone has their own view on the charts and that is perfect. That's why there are bulls and bears. The balance in the market.
I don't see the price going higher than 55000 before we can expect another wave down.
Important: If the price of Bitcoin drops UNDER 46000 then the older lower target will come back into view! So keep that in mind!
A closing price of the day candle below 46000 is bearish and continuation of the downtrend!
A closing price above 55000 is a possible scenario towards the old all time high, a double top or higher targets after breakout above the All time high
Traders, this is my personal view on Bitcoin, No trading advice. Always do your own research before trading and at least use stops and money management to limit your risk.
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
I wish you lots of profits and above all safe trading!
Note
Here is a detail of the small inverted HS- the right shoulder could still be lower and the pattern is still perfect in tact.Note
Guys, If the price goes lower than the last low this mini HS is not valid anymore! You always need to have plan. If it does this I do that and so on. So in this case it is very clear.
We're trapped between 46000 and 55000 at this moment. Trade what you see, not what you think!
See you next update!
Note
Hello traders,So far Bitcoin is not breaking that small HS neckline and if that does not happen the bullish scenario is invalid.
I drew an extension on the downward trendchannel.
Note
Dear traders,Here is a quick update for Bitcoin
We may see a rebound here. We are seeing the formation of a falling wedge here.
Not without risk but Bitcoin is now very oversold again and we have a positive divergence in the RSI!
Always use stops and money management!
Trade safe guy's! Wish you good profits!
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