Head and shoulders activated, Bitcoin to 10600/400, maybe lower
Breakdown of 11450 activated head and shoulders pattern and price dropped fast to 11100 level. Drop has reached 200ma and now needs to take a break and show some consolidation. Preferable scenario is test of red zone 11400 level and 100ma, bounce from them, and drop to 10800/600/400 levels (something like black line). To enter trade we need to see consolidation first.
If green zone holds and price forms higher low here (comparing to previous 9800 low), that would mean local downtrend is most likely over. In case of green zone break price would probably create new low at 9200-8800 zone.
If green zone holds and price forms higher low here (comparing to previous 9800 low), that would mean local downtrend is most likely over. In case of green zone break price would probably create new low at 9200-8800 zone.
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Since consolidation wasnt going for long, next drop wasnt big as well and price reached only 10800 target. The following bounce and price structure tell us a downward action could be over already and bullish momentum is preferable now. Day trading plan is something like pink line, wait some price pullback to 11050/100 and enter long here probably if price structure is fine.
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Even though price can still follow black line from chart of this idea, bounce from 11400 and make another drop, I dont think it will drop lower than green zone.
On dayly timeframe we can see trend indicator supported price very well during this bullrun (blue circles). During current correction touch and bounce from trend indicator already happend as well. Whole drop from the highs already reached 44% which is enough for correction. So, probably local low has been set already on 10800 level or will be set at 10600/400.
On dayly timeframe we can see trend indicator supported price very well during this bullrun (blue circles). During current correction touch and bounce from trend indicator already happend as well. Whole drop from the highs already reached 44% which is enough for correction. So, probably local low has been set already on 10800 level or will be set at 10600/400.
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I expect the whole falling structure to turn probably into big bull flag
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Price has completed pink line well and we have successfully traded this move in my tg channel. Black line from the beginning of this idea has been done for 70%, price tested red zone and bounced from it.
Now the question is if price is going to complete black line fully or this inversive head and sholders will lead price to break of red zone.
Now the question is if price is going to complete black line fully or this inversive head and sholders will lead price to break of red zone.
Trade closed: target reached:
Price has completed black line for 90%, last 10% was should be some more downward move to 10600. But on 10800 level some big buys happened and price failed to break it. For now black line's action is done and there wont be another drop most likely.
By the way that higher low I mentioned in the beginning of this idea has been set. And now bitcoins correction is over probably.
By the way that higher low I mentioned in the beginning of this idea has been set. And now bitcoins correction is over probably.
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New idea:
