Good morning everyone,
just a quick update as yesterday I talked about a H&S but the chart was not on the right TF to show you. This is not the H&S I had in mind yesterday in the linked update, BUT a new one is formed, with different shoulders ut identical head, hence identical target in the 6000 area. As I said, the ridiculous yesterday price action confirms that the direction is downward as far as I am concerned.
I circled the attention area for the target (6100-5900) which is a confluence of
- a medium term descending channel's and short term rising channel's boundaries;
- 61.8 retracement level of the rising leg
6400 are also possible targets as below 5800 are, but less likely AT THE MOMENT. I expect this to be a smooth and natural retracement after the rally from 4000 to 7200.
Last short before the halving :)
Let me know what you think and if you have different visions or targets in the comment area!!
just a quick update as yesterday I talked about a H&S but the chart was not on the right TF to show you. This is not the H&S I had in mind yesterday in the linked update, BUT a new one is formed, with different shoulders ut identical head, hence identical target in the 6000 area. As I said, the ridiculous yesterday price action confirms that the direction is downward as far as I am concerned.
I circled the attention area for the target (6100-5900) which is a confluence of
- a medium term descending channel's and short term rising channel's boundaries;
- 61.8 retracement level of the rising leg
6400 are also possible targets as below 5800 are, but less likely AT THE MOMENT. I expect this to be a smooth and natural retracement after the rally from 4000 to 7200.
Last short before the halving :)
Let me know what you think and if you have different visions or targets in the comment area!!
Order cancelled:
The price took too much time to follow the above mentioned strategy, that is a sign that it may not work. Also, the price went above, even if for less thanone hour. The H&S is invalidated, and the descending triangle as well. I still expect a leg down, but targets will be different. Price is nowc onsolidating above 7k-> new analysis needed!
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