BTC - 7.6k then retrace to $7.1 / 6.8k (bullish sentiment)
Updated
Hi there,
BTC caught us by surprise with a $1,000 dollar candle.
I thought that given the current bear market we would consolidate within a ascending EW triangle on top of the H&S pattern.
Well we went straight up. Even though a retracement is almost mandatory right now I do think that we will see a bit more upside $6,670 area (Target of the inverted H&S).
From there I will go short until the $7,100 to $6,850 area is reached (or my stop loss is reached).
This price action would create an even bigger inverted Head and Shoulders pattern (bullish) which based on measure rules would bring us to a key resistance the $9,600 area.
Afterwards? Well we will see when we are there ;)
All the Best from the Crypto Space
Alteroc
Not a Financial advise, be a better trader tomorrow than you are today by DYOR
If you liked the idea press the like button, it's highly motivating
BTC caught us by surprise with a $1,000 dollar candle.
I thought that given the current bear market we would consolidate within a ascending EW triangle on top of the H&S pattern.
Well we went straight up. Even though a retracement is almost mandatory right now I do think that we will see a bit more upside $6,670 area (Target of the inverted H&S).
From there I will go short until the $7,100 to $6,850 area is reached (or my stop loss is reached).
This price action would create an even bigger inverted Head and Shoulders pattern (bullish) which based on measure rules would bring us to a key resistance the $9,600 area.
Afterwards? Well we will see when we are there ;)
All the Best from the Crypto Space
Alteroc
Not a Financial advise, be a better trader tomorrow than you are today by DYOR
If you liked the idea press the like button, it's highly motivating
Note
A clearer view on why 7.1 or 6.8k. It will depend on the demand: Note
And now with all 3 scenarios: Note
Let's zoom out on the daily = bearishTrade closed: target reached
1st target reached.
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