InvestingScope

BTCUSD: Mirror H&S on 4H? Short term levels to consider.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin broke the previous 4H Channel Up ( RSI = 36.305, Highs/Lows = -205.2946, B/BP = -144.1082), entering into the neutral territory of 1D ( RSI = 46.173, ADX = 19.341, CCI = -25.5607). So far the price action on 4H is building up a mirror candle sequence, giving grounds to the development of a Head and Shoulders pattern. This indicates that on a short term horizon the price can trade between 3,770 and 4,000 before seeking a new pattern. Again, this is only a short term frame work so manage your tolerance levels accordingly.



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what outcome will be 1 or 2?
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Double bottom, up we go:

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3449 next
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@InvestingScope - are you at all concerned about the bear pennant developing on the 2hr? Its size is suggesting a retest of the 3.1k lows. next 48 hours will be interesting.

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bitcoinbobby bitcoinbobby
sorry wrong screen shot above..here you go. this is the pennant forming on the 2hr.

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InvestingScope bitcoinbobby
@bitcoinbobby, Yes it is very alarming and if this interim support breaks we are headed to 3,100. Thanks for your daily inputs Bobby.
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Thanks a ton for your work! I agree with a lot of your analysis.

I've built a Wyckoff Accumulation schematic for Bitcoin. This is based on the notion that $3.1k is a temporary bottom and we will only be doing spring tests to garner extra demand for a push up over the next few months in a larger accumulation range:
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InvestingScope Cryptosomniac
@Cryptosomniac, Thanks for sharing.
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lol great chart. try to play the direction not predict it, your gonna get killed quickly
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