btc_joe
Long

BTC USD potential reversal

BITSTAMP:BTCUSD   Bitcoin / Dollar
297 0 2
Small long here, 6h candle closed nicely with a huge wick. Larger timeframes don't look great but bitcoin likes to surprise us to close out the week. For now I'm still bullish till I see the $390-$400 range taken out on the 1-day or higher. Going to assume we are simply getting the second scenario on my previous chart until that happens.
Comment:
BTC USD 2 most likely scenarios
Comment:
Possible inverse H+S
Comment: Possible inverse H+S forming on the 1 hr...gotta get above the black trendline/neckline for confirmation, if not and we fall below my stop it's prob bad news bears.
Comment: 1 hr broke out above the neckline, now we actually have an even bigger potential H+S on the 4h:
BTC USD another potential inverse H+S
Comment: 4hr just broke the neckline on this bigger H+S...looking good.
Comment:
The last obstacle
Comment: Broke above blue horizontal resistance, looking good, my only concern is this possible rising wedge (drawn with pink dotted trend lines). If we happen to fall out of it, and further break back below the blue horizontal line then I will close my long at a profit. If not ill wait for my target.
Rising wedge
Trade closed manually: As per my last update, took profits at 411 to be safe.
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