BTC: A closer look at an IHS setup

Jan 5, 2020

Hi!

Posting this chart so it's easier to follow how this IHS (inverted head and shoulders) setup is going to work out.

We are looking at heavy resistance, but also the bearish pressure has faded significantly. We should see bulls have the firepower to reach 10,5k with relative ease.
We should expect a decent correction once the ATH res gets touched and tested. A pretty significant pullback to test the lower end of the bull flag, This would probably be the last accumulation before take of.

There is also a dark side to this all, if we eventually fail to hold this flag, or rather the big right shoulder support, we are probably looking at a corrective C leg down, way down, and this leg is huge. Let's not get carried away. I will follow up on that once we get there. All the best!


-B

Jan 6, 2020

Note

Everything seems to work according to the chart.

Analyzing a little more in depth, I found a very probable alternative rout to same target, a slightly bigger IHS.

Jan 6, 2020

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RSI is firmly on the bullish side and still rising with a solid ascending support underneath. IHS is getting confirmed any minute now. Up we go... ?.. !

Jan 7, 2020

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Soon we will experiencing some major turbulence.

8000-8100:
We are exiting the descending channel.
Entering the Ichimoku cloud.
Crossing of the 200MA.

Jan 7, 2020

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we are facing the biggest resistance on this path to 9k, according to my calculations there is more than plenty of volum still left for the bulls:

Jan 8, 2020

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We could should be ready for a bullish setup as well:

Using line chart, we can see a better price formation average, using this method the patterns become slightly clearer, the price points will obviously differ from the candle chart, so this is better for formations, not trade entry and exits.

Feel free to discuss this possibility.

Jan 9, 2020

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Turbulence as expected, wave 4 down inside wave 3. We are most likely testing 100MA and then continue up for the last leg and wave 5 to 9k.

Jan 9, 2020

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Up we go from here:

Jan 9, 2020

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Seems to be consistent.

Jan 10, 2020

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A retest of 200MA on 1H, did the trick.

Jan 14, 2020

Trade active

Jan 31, 2020

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Weare the final stage of this bullish leg towards the RES. Now it becomes more noisy and we should start to see bart moves and wicks of all sorts, many turn bullish as this is starting to rewind and correct, so it will be a jagged path from here on. I expect that we will see the lure of a intense volume spike up to form a daily close above 9600, possibly a wick to the upper 10k levels pushing out and overextending out of this ascending wedge to form a high bullish pennant that fails, from where we then start to form bear flags down...

Feb 16, 2020

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Thanks for the comments and likes! I can't reply to you for some reason, I keep getting an "Unknown error" every time! I appreciate your feedback!

Feb 16, 2020

Trade active

Now after a 10,5k touch we are retracing as planned and prepared for. (hopefully)
We are in a 'wind of change' turbulence right now, so we can at best guesstimate our next targets.

To stick with the original TA usually seems to be the best choice, we can expect something similar to this:
We have a few key alignments heading our way, fib 0,236 and the ichimoku cloud holding the support strong for the right shoulder to get a good try, just to name a few.

-B

Feb 16, 2020

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We should be seeing a 9k flat price or even a little wick below, so don't get hasty re-entering right now. Not trading advice, just kindness. Stay safe!

Feb 16, 2020

Note

Mar 1, 2020

Trade active

I'm continuing in the new post found here:

Thank you all for the likes!