Note: This post is only focused on micro moves
Continuation of the previous post
Observations:
================
> Bitcoin price is gaining traction above the $7,400 and $7,500 resistance levels
> Approaching strong resistances starting with $7,640 and up to $8,000.
Thoughts:
================
A continuous failure near $7,700 and $7,800 could spark another bearish wave.
Still maintaining the structure of the reversal macro pattern of Inv. H & S. as per my previous posts.
Note, I changed my inv. H&S formation because the previous one did not kick off, hence my believe is that we are now completing the HEAD to the neckline.
If it goes towards 7700-7800, then the previous inv. H&S is confirmed.
Many think Inv H&S pattern, but I think a rejection at the 7650 to 6800 range will make way for this Inv. H&S. Why, because many inv. H&S patterns have not eventuated, and usually the bottom doesn't spring out that easily, its usually drawn out.
Thoughts on the MACRO
======================
I feel we are still in the working range of the bottom, not yet accumulation but establishing the boundaries, as per my post here and the main scenario I have posted in the past, link below.
PREVIOUS POST
Continuation of the previous post
Observations:
================
> Bitcoin price is gaining traction above the $7,400 and $7,500 resistance levels
> Approaching strong resistances starting with $7,640 and up to $8,000.
Thoughts:
================
A continuous failure near $7,700 and $7,800 could spark another bearish wave.
Still maintaining the structure of the reversal macro pattern of Inv. H & S. as per my previous posts.
Note, I changed my inv. H&S formation because the previous one did not kick off, hence my believe is that we are now completing the HEAD to the neckline.
If it goes towards 7700-7800, then the previous inv. H&S is confirmed.
Many think Inv H&S pattern, but I think a rejection at the 7650 to 6800 range will make way for this Inv. H&S. Why, because many inv. H&S patterns have not eventuated, and usually the bottom doesn't spring out that easily, its usually drawn out.
Thoughts on the MACRO
======================
I feel we are still in the working range of the bottom, not yet accumulation but establishing the boundaries, as per my post here and the main scenario I have posted in the past, link below.
PREVIOUS POST
Note
I'll be looking for similarities of the stochastic for the bounce Note
Bearish divergences appearing in the 30 to 2 hourly chartsNote
The other alternative.Difficult to say.Note
another takeNote
Note
Note
Looking bullish, keeping an eye on this position to decide if or not to go inNote
Note
Note
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.