Metal / BitcoinLong
INVERSE H&S -MTL/BTC 15M (9 AUG 2018)
Updated
Chart: It seems that a wild inverse head and shoulders appeared!
-Light blue line will be the guide I am using for the break in trend to sell if targets are not met first.
-Orange line will be target #1 for securing profits.
-Yellow line will be target #2 for securing profits.
-Purple line, a close below this line more than likely represents a failure of the pattern to launch.
RSI: Orange line showing that this is a support/resistance level.
STOCH: Showing signs of wanting to hold a support around the 20 mark.
30 MIN AND 1 HR CHART: Showing us some signs that this will be a weak reversal and not to expect a long run.
Optimistically, we can look forward to a completion of Elliott Waves and then look forward to moving somewhat sideways.
Entered Trade: 0.00001286 BTC
-Initial Stop Loss: Close below purple line
Target 1: 0.00001360 BTC (orange line)
-New Stop Loss: 5 min close below the light blue trend line
Target 2: 0.00001381 BTC (yellow line)
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
-Light blue line will be the guide I am using for the break in trend to sell if targets are not met first.
-Orange line will be target #1 for securing profits.
-Yellow line will be target #2 for securing profits.
-Purple line, a close below this line more than likely represents a failure of the pattern to launch.
RSI: Orange line showing that this is a support/resistance level.
STOCH: Showing signs of wanting to hold a support around the 20 mark.
30 MIN AND 1 HR CHART: Showing us some signs that this will be a weak reversal and not to expect a long run.
Optimistically, we can look forward to a completion of Elliott Waves and then look forward to moving somewhat sideways.
Entered Trade: 0.00001286 BTC
-Initial Stop Loss: Close below purple line
Target 1: 0.00001360 BTC (orange line)
-New Stop Loss: 5 min close below the light blue trend line
Target 2: 0.00001381 BTC (yellow line)
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
Note
Looks like we are dropping into an ascending wedge.
-CHANGES-
Target 1: 0.00001320 (50% of position)
-Look for reentry off the third touch
Trade closed: stop reached
SOLD @: 0.00001262The light blue trend line showed temporary support, but later failed. While there was not a close below the purple line, the only options left would be to drop down into a sideways moving channel or into a falling wedge. Going to keep my eyes on this as I am still over all bullish on MTL/BTC for the weekend.
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