BTC successfully fended off the H&S on the 4H and H&S on the 15 mins today, creating a higher low from 13400 to 13800, suggesting that it is going upwards on an uptrend channel and moving out of its correction phase slowly. If this is true, then this here is a good pullback position to long BTC before it goes off to break 17k and 18k.
Looking from the 4 hours chart, it is becoming unlikely for the H&S to form after delaying for so long. There is probably only 1 more attempt left to bring BTC down to perform its 2 years correction in the next 24 hours. If BTC can hold above 14400 here as the support line and move above 14800, it will potentially break out of the H&S fear and begin a new start for the 2018 Bull Market. I recommend a tight loss here since we are still in bear territory, just below 14400 because if it goes down, its going to go down hard in this last attempt to break the 13400 support line.
On the upside, this is a very very good bottom price to enter BTC here. So if you have been sitting on the sideline waiting for a 6k or 8k BTC due to correction, this is your risky entry point. A high volume break above 15000 will serve as confirmation to long here if you do not wish to enter now at 14500. Indicators are turning upwards on the 4 hours so this should be looking good. We are still going down in the lower time frame as well as the daily so there are conflicting signals, but seeing how other markets are starting to receive a pump and that the H&S pattern is getting out of shape, the signs are good. The sell off expected after the last B2X fork was much weaker than expected as well, suggesting that fundamentals have not yet become negative and stronger hands are in control of BTC.
Challenge for bulls above lies the 16.5k resistance line that it failed to break, resulting in a fall out from a bearish rising wedge, but once broken should be home free. Good luck and stay safe!
PS: For clarification, in my chart, there is a big ABC meant for the 2 years correction. We have completed A (expected minor correction) and B (right shoulder peak) but C which is the correction down to 6k has failed to complete so remember that risk still exist there but that correction is only in theory due to how Elliot wave works. So far, BTC appears to be ignoring that need for correction and we will see the final battle here.
Tip Jar for Pizza and Beer, maybe Sushi
BTC: 16VhzB59twANDvinuWzGJqdNWor9b9Uym2
LTC: LgegoiHGwN8UmoobmSn69nrDU3fvjTuudp
ETH: 0xA21844A23d6C18384101E67313C1260449F5cbf2
Looking from the 4 hours chart, it is becoming unlikely for the H&S to form after delaying for so long. There is probably only 1 more attempt left to bring BTC down to perform its 2 years correction in the next 24 hours. If BTC can hold above 14400 here as the support line and move above 14800, it will potentially break out of the H&S fear and begin a new start for the 2018 Bull Market. I recommend a tight loss here since we are still in bear territory, just below 14400 because if it goes down, its going to go down hard in this last attempt to break the 13400 support line.
On the upside, this is a very very good bottom price to enter BTC here. So if you have been sitting on the sideline waiting for a 6k or 8k BTC due to correction, this is your risky entry point. A high volume break above 15000 will serve as confirmation to long here if you do not wish to enter now at 14500. Indicators are turning upwards on the 4 hours so this should be looking good. We are still going down in the lower time frame as well as the daily so there are conflicting signals, but seeing how other markets are starting to receive a pump and that the H&S pattern is getting out of shape, the signs are good. The sell off expected after the last B2X fork was much weaker than expected as well, suggesting that fundamentals have not yet become negative and stronger hands are in control of BTC.
Challenge for bulls above lies the 16.5k resistance line that it failed to break, resulting in a fall out from a bearish rising wedge, but once broken should be home free. Good luck and stay safe!
PS: For clarification, in my chart, there is a big ABC meant for the 2 years correction. We have completed A (expected minor correction) and B (right shoulder peak) but C which is the correction down to 6k has failed to complete so remember that risk still exist there but that correction is only in theory due to how Elliot wave works. So far, BTC appears to be ignoring that need for correction and we will see the final battle here.
Tip Jar for Pizza and Beer, maybe Sushi
BTC: 16VhzB59twANDvinuWzGJqdNWor9b9Uym2
LTC: LgegoiHGwN8UmoobmSn69nrDU3fvjTuudp
ETH: 0xA21844A23d6C18384101E67313C1260449F5cbf2
Trade closed: stop reached