On the daily chart you see that the last few candlestick has a small real body, which tells us that the bears are losing steam. Still we are in a downtrend as you can see on the daily chart.
Now on the 4 hour chart we see that the inverse head & shoulder pattern is completed, and on the 1 hour chart you see it better. This pattern is completed and tells us that there is a possibility that the price of Bitcoin is going up.
Still the overall trend of Bitcoin is still downward. But there is a good trade opportunity with a good risk/reward.
Long position (4-hour)
- Entry: You can wait for a retest on the neckline, which would be safe trade, or you can wait for a second test on the green uptrend, or you can open a long position in 4 hours (this would be a bit aggressive)
- Stop Loss: A close below the neckline or uptrend (Depends if an uptrend is tested again)
- Target: See the blue areas, but we have to take a close look what is going to happen when the price is closes to the downtrend.
ALWAYS keep in mind! That this is NOT an investment advice, but an analyse . You can do whatever you want with this information, so trade at your own risks!
Now on the 4 hour chart we see that the inverse head & shoulder pattern is completed, and on the 1 hour chart you see it better. This pattern is completed and tells us that there is a possibility that the price of Bitcoin is going up.
Still the overall trend of Bitcoin is still downward. But there is a good trade opportunity with a good risk/reward.
Long position (4-hour)
- Entry: You can wait for a retest on the neckline, which would be safe trade, or you can wait for a second test on the green uptrend, or you can open a long position in 4 hours (this would be a bit aggressive)
- Stop Loss: A close below the neckline or uptrend (Depends if an uptrend is tested again)
- Target: See the blue areas, but we have to take a close look what is going to happen when the price is closes to the downtrend.
ALWAYS keep in mind! That this is NOT an investment advice, but an analyse . You can do whatever you want with this information, so trade at your own risks!
Trade closed: stop reached