tdvuser177

BTC potential 2 week inverted H&S game

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD             is potentially building an inverted H&S pattern

Stops to watch out for at:
a - 9500 direct shot (aligned with SEPT-NOV lows trend - red dotted)
b - 7800 correction
c - neckline retest + confirmation?
d - technical H&S target 12300
c - failure here (aligned with Dec-17 and Jan-6 downtrend - bold blue)
e - bear market
Comment: UPDATE:

Further trying to build iH&S, on weaker tension

Target on confirmation remains the same - ^c - downtrand resistance from Dec-17 and Jan-6

Comment: UPDATE ADDITION:

Currently stopping at the important 200 daily EMA (purple curve). A break up would add even more credence to our view.

WHILE on the macro view being cautious - the 200 EMA first time since long time getting bearish direction! Which adds strong to all stop at 12.5k's target resistance.


Comment: UPDATE:

First closings above 200D EMA.
Two hourly tests of the neckline and rebounce from EMA.

Party call near ...
Comment: UPDATE:

Rejection of the neckline.
Retest of the broken January downtrend resistance.

Comment: UPDATE: PATTERN CONFIRM

Confirmation of the neckline.

Next repetition targets in the 9500-9600s.
Next resistances in the 10100-10250s and 11800-12200s.
New support in the 8750s.

WHILE: further the whole MACRO view looks BEARISH until a convincing 12-14k upbreak!

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