Short

Bitcoin BTC Double bearish wedge + head and shoulders scenario

Updated

Hello friends and traders,

Here is a new update for Bitcoin,

The bulls do not like to see this scenario and neither do I but I am only translating what the chart shows. I have really not a single bias on the chart or trades I make. In a bull market there is simply more to be gained than in a bear market but these patterns in the chart show clear signals.

I like to take it step by step. Stoploss hit? No problem because I always use max 0.5 % risk on every trade I make. I advice never to take more than 1 - 2% risk per trade. This way you stay always in the game!

In this Bitcoin 2 hour chart, we see 2 bearish rising wedges and a head shoulder formation where the neckline is also the bottom of the double wedge.

Target is 28805 and 27331.

This is of course a hypothesis and an idea. It only comes into effect when the price breaks the bottom of the wedge but NOT before.
Only and exclusively in that case a short position is initiated with a stop above the last high at 36100 USD.

Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!

Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!

--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚

Note

IMPORTANT

Dear friends I would only go short if the wedge is broken through to crew with the close of a candle! When a wedge is broken there is always a pullback just like with a HS to the broken trend line so there is plenty of time. No hurry and if BTC does not break through the trend line then we are trapped between 34000 rn 37000 for the time being.

If you can sit in front of your computer or charts all day you can trade that perfectly but otherwise I would wait and see!

Good luck and happy trading!

Trade active

Wedge / neckline broken as expected

Hello dear friends,

So we have broken the trend line perfectly as I thought we would. The reasons are the patterns including the head shoulder formation and the wedges but also definitely the volume of the past week. A move without volume has little chance even if the volume is not central like in the stockmarkets, the Nasdaq, dow etc.

Price will certainly return to the trend line but that is not a buying opportunity!
I expect at least the low of the last time as target but rather even lower. That fits perfectly into the picture of what people are just not expecting. At a certain moment the range stops and switches to a step lower.

A rectangle in a downtrend is a continuation pattern. If you zoom out you will see this rectangle and it is a matter of time before the bottom is broken and we will form a new trading range a lot lower.

It goes without saying that you shouldn't want to be in ALTS right now either. If Bitcoin is in a downtrend, the risk in ALT coins is far too high.
Only when Bitcoin is stable, sideways or rising , the ALTS are interesting again.

Good luck dear friends and please share your opinion with an explanation how you see it evolving.

Note

Bearish wedge

Bitcoin has just re-tested the neckline/ bottom boundery of the bigger wedge and also formed a smaller (red) bearish rising wedge.
Everything points to a continuation of the downtrend.
Good luck dear friends

Note

Wedge and head shoulder formation.

We see that the bearish rising wedge has been broken and already retested.
First target for the HS and Wedge 32300.
good luck dear friends!

Note

UPDATE

Dear friends,

If Bitcoin breaks out of the new triangle it has formed to the upside the picture becomes more bullish and we will see higher targets. In that case the bearish scenario is on pause.

Normally the patterns, wedges and head and shoulders formation, the broken trendline and other factors should do what they need to do however this market is controlled by big funds and manipulators so it all can happen.

For now just watch the price action and see which side of the triangle will be broken for the main direction.

Good luck and happy trading friends!

Note

Multiple patterns

Dear friends,

Bitcoin is forming a record of patterns.
Can you see them?
1. 2 large bearish rising wedges (orange)
2. a New head shoulder formation (green)
3. 2 Small bearish rising wedges
4 a Symmetric triangle (green /blue)

Keep an eye on the blue trend line of the symmetrical triangle.

For a more improving bullish scenario, Bitcoin needs to close at least above 36000 to set a higher high and to eliminate the small wedges and head and shoulder formation. But then there still are negative patterns. It is a cat and mouse game with the big funds.

Good luck and happy trading!

Note

Dear friends,

Do not forget to also check this chart. It is simple with clear targets for going long or short. I does not need to be complicated ;-)

Bitcoin simple but powerful analysis with bullish bearish levels

Note

New bearish rising wedge.
Good afternoon dear friends!
Please look at the chart.
Bitcoin formed a bearish rising wedge. IT is also at the point for the re-tests of the neckline again. BTC moves in the downward trendchannel.
A break above the red trendline will probably trigger a move to the upper side of the green channel. If it bounce on the red trendline which is the expected move it will continue to decline.

Wish you succes and profits!

Trade active

The bearflag

The bearflag has been broken so normally continuation of the downtrend.

Succes dear friends!

PegasusTechCharts

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