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...
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.
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.
As stated in the previous article last week, if the resistance level $4200+ is not broken then we would hit the price around $3500 range.Hence it tested the $3478 price level after a drop of 15% this week.
It needs to hold the $3400-$3500 support level and break the $4200 level in the coming days to confirm bullish momentum otherwise we might see...
as you can see in the BTC is making a pattern which shows that we can see upward movement or downward movement very soon and just look at the RSI , it clearly shows that we are about to see big movement from. Most probably am expecting a Downward movement within 3 days from now. (maybe esrlier). DYOR before taking any positions on Bitmex
you can also check me out...
Bitcoin has been showing strong uptrend and has bounced strongly from the demand zone of $3100 level.
If it manages to break the $4100-4200 level in the coming days then it will continue its bullish trend till next resistance $4700+ level.
If it doesn't break the $4100-4200 level then we might price see price dipping to <$3500...
Case for the bulls...
1.A longer term bearish abcd with a bullish CD leg under formation
2.Breakout from the ichimoku cloud on the four hr chart , both lagging line(Chikou span) and price action
3.Fibonacci retracements of 0.382 bokeen on good volume support (although not a clear brekout)
4.A inverse head and shoulder with classical volume pattern...