BTC prices had been consolidating itself since Dec 2 and there are currently some signs that prices may be pushed upwards on the next coming week.
On the Nov 27, reversal H&S completed its form and broke out the trend line (dotted) of the pattern, closes itself above at price of 7325. Subsequently, price continues to rally upwards to reach price level of 7820 over a span of just 2 days.
Now notice that prices had its held support on the previous higher low of the reversal H&S pattern on Dec 4, before continuing the upwards direction which now reaches the current level of 7590.
On a bigger picture, prices had created higher low and higher high which indicates that more bullish investors are now in a more positive sentiment position and willing to buy at higher price to push the instrument upwards.
I would like to see the following price action to time my entry better in this market:
--> Would prefer to see a pull back on the price and see itself supported at the main Trend Line (purple)
--> Prices should potentially continue its upward move and break the sub Trend Line (dotted) and closes above the line
If the above conditions fulfilled, Bullish investors may potentially entered the market at level of 7650 and aims to ride the upwards move towards level of 7860, an approx 3% gain in this market move.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
On the Nov 27, reversal H&S completed its form and broke out the trend line (dotted) of the pattern, closes itself above at price of 7325. Subsequently, price continues to rally upwards to reach price level of 7820 over a span of just 2 days.
Now notice that prices had its held support on the previous higher low of the reversal H&S pattern on Dec 4, before continuing the upwards direction which now reaches the current level of 7590.
On a bigger picture, prices had created higher low and higher high which indicates that more bullish investors are now in a more positive sentiment position and willing to buy at higher price to push the instrument upwards.
I would like to see the following price action to time my entry better in this market:
--> Would prefer to see a pull back on the price and see itself supported at the main Trend Line (purple)
--> Prices should potentially continue its upward move and break the sub Trend Line (dotted) and closes above the line
If the above conditions fulfilled, Bullish investors may potentially entered the market at level of 7650 and aims to ride the upwards move towards level of 7860, an approx 3% gain in this market move.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X