Ok you want to know whether we are in a bull market now....keep reading.
BTC if want to be out of bear market and resume a confirmed bull trend, it must be above 11900 level sustainably.
On this way there are some other resistances that you can see in the chart and all must be crossed, one important level in the way to conquer is the 10 k resistance, if successful that will produce the first higher high from Dec. 2017, very important in confirmation of end of bear market. Other resistance is MA 200 daily which is important but minor to others.
But in short term:
After Yesterday breakout to 7500, BTC is very close to 7800 resistance area, it seems btc may nt be able to breach this level in one shot, but the scene is ready to shape a needed right shoulder for an incomplete inverse head and shoulders that is in formation now if you refer to chart. The pattern completion can be in form of cup and handle too. If successful this will transfer BTC to 9800 just below next major resistance.
We need some time to see how it will be developed, as completion of a right shoulder of a H&S or of an inverse type is a different animal than the whole H&S when analyzing H&S, this is source of confusion among traders (refer to an important educational post in related ideas below for further info) .
I will update this post if I see viewers` interest.
Please check two other related Ideas below too. They are all in line.
If this idea is interesting to you “like” it now and follow !
BTC if want to be out of bear market and resume a confirmed bull trend, it must be above 11900 level sustainably.
On this way there are some other resistances that you can see in the chart and all must be crossed, one important level in the way to conquer is the 10 k resistance, if successful that will produce the first higher high from Dec. 2017, very important in confirmation of end of bear market. Other resistance is MA 200 daily which is important but minor to others.
But in short term:
After Yesterday breakout to 7500, BTC is very close to 7800 resistance area, it seems btc may nt be able to breach this level in one shot, but the scene is ready to shape a needed right shoulder for an incomplete inverse head and shoulders that is in formation now if you refer to chart. The pattern completion can be in form of cup and handle too. If successful this will transfer BTC to 9800 just below next major resistance.
We need some time to see how it will be developed, as completion of a right shoulder of a H&S or of an inverse type is a different animal than the whole H&S when analyzing H&S, this is source of confusion among traders (refer to an important educational post in related ideas below for further info) .
I will update this post if I see viewers` interest.
Please check two other related Ideas below too. They are all in line.
If this idea is interesting to you “like” it now and follow !
Comment:
as you can see the head is complete and right shoulder started to shape. here is the confusion regarding right shoulder of h&s I have already talked about. in an incomplete h&s there is no guarantee the right shoulder to be completed because previous parts are completed. In current setting btc is in this situation, there is no explicit clue (pattern indicators etc.) at this moment for price action to signal it is going up or down, every trader has his own opinion if have any now.the best is a correction to around 7k (.0382 of recent bull run) then rebound up to form the right shoulder. This is my opinion at this time.
Comment:
It seems the right shoulder of inv. h&s is complete due to price action above 7700 (check the neckline) if it closes above resistance area and we assume the pattern valis (there is a concern regarding the right shoulder junction to head that is a wick only in 4 hours time frame) then the target of this pattern would be highs of 9k.
