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 .
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.
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.
BITCOIN is consolidating in range from last 10 days ,marked in blue box
Looking at the chart,
The way I see it, BTCUSD has complete 1 move upside , marked as A , and now trading sideways at B corrective wave . hence we can have wave c upside ?
Price is below 200 EMA and 50 EMA
Stoch is at low Level
If it goes above consolidation zone (Highlighted blue ) ,it...
Rationale for entry..
The reversal from the falling wedge on good volumes ,
The 5/13 dema cross on the uptrend,
The RSi in the oversold zone
And finally the Bryce Gilmore classic butterfly with an uncommon AB=CD pattern doing reversal from the PRZ on the back of good volumes...
In short, a feast!
Take profit is...
A bearish gartley on the back of a bullish momentum price divergence..
This is a good opportunity to trade..., may trigger a breakout, although the bulls are too weak for the bears in the short term
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...