Hi Mates,
Once again the bears have successfully failed the penultimate bullish pattern i.e. Inverse H&S on BTC. And right after this, the questions and thoughts on the mind of majority of crypto traders will be what next? and where is the next stop price, respectively.
Yes! The inverse H&S bullish pattern failed after that stretched consolidation on the envisaged right shoulder, which simply shows the indecisiveness of the bulls to take over the market from the bears.
Now that the deed is done, the next line of action is to look forward to the next possible price reversal point on the chart.
A critical look into 1 day chart, will give us a bigger picture of where to look at as the next support price zone on BTC chart.
Firstly, what is support price: Support or support level refers to the price level below which, historically, a stock has had difficulty falling. It is the level at which buyers tend to enter the stock.
On this chart, I have used the red dot as a resistance price/point; while the green dot indicates the support price/point.
Rewind back to October,2017 when BTC hit a resistance price of $5,857 and pulled back to $5,511 (Support Price) and got stopped @ $6,030 (Resistance Price) to correct back to $5,480 (Support Price).
From the last price of $5,480 (Support Price) BTC bounced back to $5,901 (Resistance Price) to form a failed H&S with right shoulder failing to form properly at a support price of $5,747, from this failed H&S, BTC bounced so hard to $7,365 and pull back to $6,915 before continuing the journey upward.
Fast forward to this year, BTC found a strong support price zone @ $5,801 which is synonymous to November support price of $5,747.
Combining this year support price zone of $5800 with last year support price range in between $54,00-$5,800. Technically speaking we can say BTC have a strong support price around this price range and the bears will need more than enough strength to push the price to sub $5k.
Right now, the last bullish pattern resort for the bulls in this market is to make a price reversal at price level around $5,750-$5,800 to form a double bottom pattern.
There are different types of Double Bottom Patterns:
1. Eve & Eve Double Bottom
2. Adam & Adam Double Bottom
3. Adam & Eve Double Bottom
4. Eve & Adam Double Bottom
5. Big W Double Bottom ( This is the type of envisaged Double Bottom On BTC chart): A big W is a double bottom with tall sides. Price often confirms the double bottom and approaches the height of the left side trend start before retracing and forming a handle. Once price completes the handle, the rise resumes.
If BTC price bounce back once again at $5,800 (C), then we may have a big W double bottom pattern formed once price crossed the confirmation line (D).
With prospective price surge back to point (E).
Goodluck!
Once again the bears have successfully failed the penultimate bullish pattern i.e. Inverse H&S on BTC. And right after this, the questions and thoughts on the mind of majority of crypto traders will be what next? and where is the next stop price, respectively.
Yes! The inverse H&S bullish pattern failed after that stretched consolidation on the envisaged right shoulder, which simply shows the indecisiveness of the bulls to take over the market from the bears.
Now that the deed is done, the next line of action is to look forward to the next possible price reversal point on the chart.
A critical look into 1 day chart, will give us a bigger picture of where to look at as the next support price zone on BTC chart.
Firstly, what is support price: Support or support level refers to the price level below which, historically, a stock has had difficulty falling. It is the level at which buyers tend to enter the stock.
On this chart, I have used the red dot as a resistance price/point; while the green dot indicates the support price/point.
Rewind back to October,2017 when BTC hit a resistance price of $5,857 and pulled back to $5,511 (Support Price) and got stopped @ $6,030 (Resistance Price) to correct back to $5,480 (Support Price).
From the last price of $5,480 (Support Price) BTC bounced back to $5,901 (Resistance Price) to form a failed H&S with right shoulder failing to form properly at a support price of $5,747, from this failed H&S, BTC bounced so hard to $7,365 and pull back to $6,915 before continuing the journey upward.
Fast forward to this year, BTC found a strong support price zone @ $5,801 which is synonymous to November support price of $5,747.
Combining this year support price zone of $5800 with last year support price range in between $54,00-$5,800. Technically speaking we can say BTC have a strong support price around this price range and the bears will need more than enough strength to push the price to sub $5k.
Right now, the last bullish pattern resort for the bulls in this market is to make a price reversal at price level around $5,750-$5,800 to form a double bottom pattern.
There are different types of Double Bottom Patterns:
1. Eve & Eve Double Bottom
2. Adam & Adam Double Bottom
3. Adam & Eve Double Bottom
4. Eve & Adam Double Bottom
5. Big W Double Bottom ( This is the type of envisaged Double Bottom On BTC chart): A big W is a double bottom with tall sides. Price often confirms the double bottom and approaches the height of the left side trend start before retracing and forming a handle. Once price completes the handle, the rise resumes.
If BTC price bounce back once again at $5,800 (C), then we may have a big W double bottom pattern formed once price crossed the confirmation line (D).
With prospective price surge back to point (E).
Goodluck!