Reverse Head and Shoulders Setup on Bitcoin, 48K TargetTrend Analysis
The main view of this trade idea is on the 15-Min Chart. There is a Reverse Head and Shoulders setup on the cryptocurrency Bitcoin (BTC). The Head of the setup is around the 45280 low. The left and right shoulders of the setup is at 45650 and 45600 respectively. The neckline is the trendline highlighted in red on the chart. The target is determined by measuring the distance between the neckline and the head and using that distance from off the neckline. This setup takes the target towards the 48000 price level. The Stop loss should be placed at the low below the neckline.
Technical Indicators
The bullish nature of the reverse head and shoulders setup is supported by the price of BTC being above its short (25-MA) and medium (75-MA) fractal moving averages. Also the RSI is above 50 with the KST being in a positive mode.
Recommendation
The recommendation will be to go long at market. Stop loss will be set around the 46150 price level and a target of 48000. This produces a risk-reward ratio of 2.02.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BTC.
Xbt
SHORT IDEA FOR BITCOINCurrently we are at our "Take Profit Zone" between 46.500$ – 48.250$ from our previous "Buy the panic sells"-Long(28.500% – 29.000$).
We try shorting bitcoin arround: 47.000$ – 47.500$ with stop loss above 48.300$. Our first take profit will be 44.500$ and second profit target 41.600$. I will also add more longs at 41.600$~.
Bitcoin (BTC) • Low supply & Demand while MM Barts in control Market Makers are now in control as we can see with those Bart patterns forming up as demand faded away and supply is also weak.
We have strong orders in the books around 47.5 and 50k acting as major resistances across the board.
Swaps now showing more frequently trading above spot which implies bearishness BUT we don't have yet the structural daily trend from the lows broken yet.
Finex longs are in slow decline and perpetual swaps in open interest ate back to very high levels which implies liquidations to come soon enough.
Altcoins are not rallying aggressively at local top levels. When we see this sort of fomo momentum into resistance probability distribution generally favor a reversal to come soon.
Bitcoin Price Action and DMA100x200 16 August 2021Price of Bitcoin still going up, trying to make another swig high.
⚠ Looking at key Moving Averages (100x200) we can see price going above both MAs, but moving averages crossed in bearish order.
🟡 While price action compressing in Wedge shape, looking for breakout in support regions.
💚 Bullish note that price broke resistance line on Log scale too, this probably a good sign.
Best regards
Artem Shevelev
Bitcoin (BTC) • We hit resistance levels. Pullback soonBitcoin is getting ready for a possible correction.
In this video I go trough the books, talk price levels to look for and also very briefly talk trough some futures data.
Next video I will cover some other points like futures premiums and swaps v spot basis or finex long/short ratios.
$BTC, Looking for ~43/44k (July Highs) to hodl/bounce$BTC
Waiting for the ~20k callers to appear on the second 2D red candle since mid July
Looking for ~43/44k (July Highs) to hodl/bounce, flipping this area into support & allowing continuation
If happens, then ~50k will be a reality quite fast
Dont get lost in the noise😉
#BTC
the last mileHere we are tracking the ending of a 'C' leg in the 4th wave retrace (invalidation for sellers comes into play with 50,130 because it will mean the move is impulsive rather than corrective). Expecting sellers to step in here with risk storming the base for August, the next leg down would mean the lows are no longer protected via the meme prince. Elon now uncovered and exposed if we breakdown, we may witness the nuts being squeezed.
In case of any doubts recommend reviewing the macro chart as flows are a lot clearer. A breakout on the log chart unlocked the impulsive 3rd leg where we ticked $50-60,000 which constitutes the necessary target. We are now on our way back to the original blockade via increased regulatory pressures.
Ops we will return to bear mood so………As you see in the chart we have abc wave that targeted 20k-14k and we are in down channel as you see.
And we have a gartley harmonic pattern that targeted 15k.
And we have a strong support between 20k-14k.
And we have a negative rsi on 1d & 4h time frame.
Negative rsi 4h time frame.
Negative rsi 1d time frame.
So……. What do you think now please share your idea below and thanks for your watching.
Bitcoin - Hash Ribbons indicatorHash Ribbons officially gave a buy signal after one of the longest capitulations in its history. In fact, this indicator was added to the favorites of 10,000 people on TradingView.
What do you think about this indicator? and share your favorite indicators with us
Best regards EXCAVO
Bitcoin Like I said three months ago, we are going to have a prolonged flat, from which we will go up.
The timing was almost exactly as predicted.
As we saw in this flat, there was a bearish sentiment amongst many and the upward momentum was triggered by the fake news about Amazon.
On the chart we can see how we did not break the resistance line the first time, we have corrected and now we have broken this line, we need to consolidate above this support line to continue rising.
To reach the 47-51k zone
Why this particular range?
1. This is the 50-61.8% Fibonacci level;
2.there is the neck line of the global head and shoulders pattern;
3. large horizontal volumes.
I assume that in this range we will hustle for 2-3 weeks, form some kind of fake upward continuation pattern and at the most responsible moment we may go down.
Over 2-3 weeks of flat, I think some alts will make good moves.
Be careful of short positions, now it is fuel for growth.
Best regards EXCAVO
Bitcoin Start the uptrend The penetration in the node that determined the continuation of the long ascent was done and we accepted the analysis error, only the drop to 29K occurred and intensified with the positive news of the ascent to easily leave the resistance behind.
In the 4-hour time frame, three shopping points are given, which can be entered on the pullback. You can not enter the first step, or if you want to enter, do it very lightly.
At the daily timeframe, if the pullback does not hit, wait until the candle above $46700 closes and buy with a suitable trigger as a step
Bitcoin | Make it or Break it..!!#BTC (Update)
In Daily timeframe Chart, Bitcoin is testing Another Trendline Resistance & 200-Days Moving Average (44.8k)
In 12H timeframe, RSI is Printing Classical Bearish Divergence, Not a Good Sign While It's Facing Key Resistance Area.
$44444 is the "Make it or Break it Level" for Bitcoin.
If Daily Candle Closed Above the MA200 (44.8k), Expecting Descending Chanel Breakout & Bitcoin Might Retest It's Previous ATH (61k).
In Bearish Case, If Bitcoin Bulls Failed to Clear the MA200 Resistance, Bitcoin Might Retest the 38k Range.
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Thanks for Your Love & Support..!!
Bitcoin Reaches 80 Day High, But 200 Day MA May Cause Rejection-BTC has revived nearly 55% off its low
-Price has just kissed the 200 day MA
-A long term trend line may cause rejection
Bitcoin has finally broke out of its 2 month range that bears has continuously kept price within. This is a great sign for the overall crypto market as the majority of coins have followed BTC’s lead and have revived strong off their lows. But, before we can say the market is in the complete clear, BTC still has important marks to break & hold. Many anticipate new ATH this year but there is also a bunch of others who believe this a dead cat bounce for the markets, setting the stage for a drop to low $20,000s.
BTC held the $30,000 support multiple times as bulls were always there to gobble prices back up. This provided a launchpad for BTC to rise $15,000 in nearly 3 weeks. At the time of writing, BTC is getting rejected at a long term trend line that has held prices down since the ATH was set. BTC must clear over this to technically be in a complete uptrend. Along with this trend lies the 200 Day MA. Price has been stuck under this MA for over 2 months & bulls must clear this to be in a safe state. There is also a major resistance of $44,700 that must clear along with the two other marks.
If BTC fails to clear over these 3 important marks, price will retrace back to minor support of $42,500. This seems like the likely scenario as of now. If this minor support fails to hold BTC, further downside will occur once price breaks below the short term trend line. This will confirm a slight bearish trend is in place & BTC will likely go down to retest somewhere within its major support zone of $37,800-$40,200.
While looking at the Relative Strength Index, we can see that strength peaked into the overbought territory 2 different times the last week. Unfortunately, while BTC just hit near 45k, the strength printed a lower high than its previous push to $42.5k. This is called a bearish divergence and they are highly accurate within the crypto space. The Stochastic RSI did the exact same thing as it printed a lower high than before. Both indicators have a bearish divergence & this will likely cause a retrace to occur.
BTC Intraday Analysis
Spot rate: $44,000
Trend: Bullish
Volatility: High
Support: $42,500
Resistance: $44,700
Bitcoin (BTC) • Bulls be careful out there. It might get ugly!Bitcoin is currently widely claimed as back to the bull market by popular youtubers that are calling the bottom and that are 100% long. On top of that we have a bubble popping out with a boom of Glassnode analysts selling millions of newsletters with in-chain data that everyone sees. "Institutions are buying/accumulating"
This is alarming to me.
I tend to believe that Price (and volumes) is truth.
That is why I'm also a big of Friedrich Hayek's "The Use of Knowledge in Society" where he notes the importance of the Price System in a decentralised network.
Bitcoin still trading bellow the 47k range and above 35k which to me signal we are in neutral territory. But I have reason to change my stance and become more bearish because of weird price action and volumes coming out of spot and forward contract futures.
Check the video for my latest thoughts and remember that his is all my subjective interpretation.
Use information in the video to help develop your own critical around these things.
It's not about being contrarian or just follow what everyone (including me) says but to arm yourself with mental models.
Navigate trough uncertainty or probability and develop your own thesis and sub-consequent plan.
Bitcoin Ready for New All Time High ,..?#BTCUSDT TA update:-
$BTC currently trading at $43400
And now trading above strong support level.
So I am expecting next upward move toward $49000 and $59000
So BTC must be hold $40700 strong support level.
And As per our last update BTC also tested $38000
Now keep an eye on my levels:-
Support:- $40700/$34800
Resistance:- $49000/$59257
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