Hello Friends, Traders and Interested,
at first I have to say sorry, because I was away from TV here for nearly one month. Much work and other things didnt allow me to update my TAs here.
But I am back now. And my first TA now - after this timeout - is BTC. Okay, into the chart..............
At first an explanation. The blue lines show a big descending channel BTC started to move inside since February 2018. As you can see, BTC broke out of this channel around July 23th. Many of the BTC fans found hope, that a healthy rally could start. But BTC is special, and these hoping people got disappointed. It was a fake breakout, because BTC went back into this descending channel. And now we might see the next way down to the blue channel - line at the bottom side. The start of this dump might be a H & S which seems to be in progress. In my chart you see the H & S. Left shoulder and the head is done, now we might see the right shoulder forming. Shoulder - Target at around 6.8K.
If we should see a longer stop at this level and no significant upward move towards 7K + x, I am quite convinced, that this H & S will work. At this actual moment I think we will see a working H & S with a posssibility of 70 %.
The target of this H & S will be at around 3.8 K. From this point we will see panic sells and a retouch of the blue line at around 1.8K is really possible.
If BTC will be able to recover from this point ????? Hmmm, that I will discuss if we should reach this area.
A little hope I do see at around 5 K, I called it the "hope zone"!
BTC could find here a bit support due to the price development from 2017. Under 5 K we will see a fast drop to the H & S target.
I will update this TA frequently.
As always, this TA is just educational, no trading advice. Trade safe and trade on your own risk.
Yours always, Sascha
A Like and a Follow makes me happy.
at first I have to say sorry, because I was away from TV here for nearly one month. Much work and other things didnt allow me to update my TAs here.
But I am back now. And my first TA now - after this timeout - is BTC. Okay, into the chart..............
At first an explanation. The blue lines show a big descending channel BTC started to move inside since February 2018. As you can see, BTC broke out of this channel around July 23th. Many of the BTC fans found hope, that a healthy rally could start. But BTC is special, and these hoping people got disappointed. It was a fake breakout, because BTC went back into this descending channel. And now we might see the next way down to the blue channel - line at the bottom side. The start of this dump might be a H & S which seems to be in progress. In my chart you see the H & S. Left shoulder and the head is done, now we might see the right shoulder forming. Shoulder - Target at around 6.8K.
If we should see a longer stop at this level and no significant upward move towards 7K + x, I am quite convinced, that this H & S will work. At this actual moment I think we will see a working H & S with a posssibility of 70 %.
The target of this H & S will be at around 3.8 K. From this point we will see panic sells and a retouch of the blue line at around 1.8K is really possible.
If BTC will be able to recover from this point ????? Hmmm, that I will discuss if we should reach this area.
A little hope I do see at around 5 K, I called it the "hope zone"!
BTC could find here a bit support due to the price development from 2017. Under 5 K we will see a fast drop to the H & S target.
I will update this TA frequently.
As always, this TA is just educational, no trading advice. Trade safe and trade on your own risk.
Yours always, Sascha
A Like and a Follow makes me happy.
I do expect now a quite fast downtrend.
Lets see what will happen:
All the best whishes, Sascha
Trade on your own risk, not trading advice.