BTCUSD as formed double top and triangle pattern on daily chart and small triangle in 1hr chart. It as broken triangle pattern in 1hr chart and expecting upmove for short term. Please zoom if you if the 1hr triangle is invisible .
Price coming to 7916 taking support at the same spot and then moving up 9423 till 10188.
Reasons:
1. this analysis based on S/R Followed by price structure.
btc is making a correction pattern after the long downside rally.
thus it will complete its a-b-c formation.
Also testing the resistance.
for further downside of 8200.
Morning Traders,
If you take position after price breakup trough TL2 that that was outstanding and easy position.
I have created Channel but the price did not reach upper line of the channel.
I just waited for candle to be closed. On the lower TF momentum slows down.
But we have wait until price either break trough the TL of the channel or rises higher.
And...
evidences supporting the conclusion provided in chart..
shortening of buying thrust after the june rally, quickly followed by large severe selling waves
and lack of follow through in the subsequent rallies and at the present position of the trading range
the inability to cross above the 20dma, shows weakness in the price action
unless the supply trendline is...
#BTCUSDT 4h.
one thing I've noticed is that btc doesn't care the rule of where should an H&S form and if it's valid or not. it will work out certainly leaving you fool 85% of the times. if you can recognize it on time you can have the real advantage.
Reason and Confluences:
1. Bullish Rsi divergence.
2. There's inverse H&S **BUT it still not confirmed.
3....
BTCUSD 4h time frame. there are three H&S and one of them failed. watching current one if it does hold right shoulder then possibily target 11364 can be achieved and if not holds then downside 8443 for initial low.
Just a thought process.
btcusd forms as usual right shoulder always smaller then left. so pull may happen small and then zomed up.
