I think we are at the lowest point of right shoulder now. I see some bullish signals at this point which will lead us to 6400 then this inverse head & shoulder pattern on daily chart possibly will lead us to 6800 and 7900.
Profit Targets: 6400 6800 7900
Stop loss: 6060
Have a nice day
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They are manipulating bitcoin right now, you can understand it from orderbook of your brooker. Please secure some profits, we will find another trades soon.
Have a nice day.
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1st target reached,congrats.
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2nd target reached, congrats.
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I hope you enjoyed with my analysis :)
I learned trading in a perfect way, you can check my whole results.
I am here to help you for free, please follow and like to make me proud by sharing my knowledge with you guys.
Hope to see you in next trades,
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Finally 3rd target reached and we broke inclined resistance on daily chart but i see some bearish signals which can lead some correction. If we stay above 7800 and go sideways, you can aim 8900 for the long run.
for H&S you must have that as a complete pattern (head+ 2 proper shoulders + proper neckline) first then if it obviously break the neckline you can go for a trade. For your call, the inv. h&s is not still complete so no trade call can be issued based on that. to clarify this for instance take a wedge, it may be shaped complete (trend lines shaped) and you can be ready for break out some time ahead to break trend line in some point, but in case of h&s when it is not complete it is not h&s :) hope this be a help.
@Mr_Berk, good advice for all.
you post here to learn or want praise from others or you want teach others. I am here to learn and share what I understand and give feedback.
I gave you feedback based on a basis, that is the best gift hope you appreciate it.
you can reassess who may "talks too much"
Mr_Berk
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@kaskassa, i gave my life to learn trading. One newbie comes and trying to teach how inverse h&s happens under my post. Also i said possible head and shoulder pattern and only guaranteed thing here bitcoin will go to 6400 then we will observe if inverse head & shoulder happens(You can check my thoughts above again).
I trade and share some of my trades here for free. Please do not answer to this reply. I don't want to fight i expect only respect not a lesson from newbie.
Have a nice day.
kaskassa
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@Mr_Berk, I am a newbie and this give you no right to offend me, I respect you nothing personal in my post, and better you do the same to newbie and not to offend. I am not "talking too much" you can refer to tradingview guide lines too as you claim you are an experienced guy to know more.
Halley
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@kaskassa, to be fair, Berk did say he sees signs and "possible H&S", however even if it did manage to form H&S it's still invalidated. Also, lets say it was inverted H&S, there isn't close to enough volume to propel price past 64xx and 68xx resistance. There is less volume in the market today then there were the last THREE failed attempts. Manipulated or not, who in the world is gonna buy 62xx bitcoin... A few misguided retail hodlers.
Best prices will be next week in which we may see volume forming but even that doesn't mean we'll have enough for resistance. Possible last week of July or first week of August. Price will have hit 55xx and only then would i consider reversal. 52xx and 46xx are still in play. Fear not, healthier market if those targets are hit, which would help successfully retest all the way to 74xx. Volume precedes price, especially with H&S near market lows.
UnknownUnicorn995743
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@Mr_Berk, so you're making a trade recommendation to buy BEFORE the right shoulder is formed on an inverted h&s pattern? why is this the case? I'm also wondering why. Mr. Berk has a point
Mr_Berk
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@pisces38, you can check my opinions above, manipulator. Say hi to camera, Mr. Berk saw you. You should leave here with your fake account. Because my call made some profits even your bla bla.
UnknownUnicorn995743
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manipulation? just because someone has more money than you to move the price isn't manipulation.
that is the markets at play.
it's safe to assume painting the tape is obvious in these unregulated markets. I didn't realize there were "brookers" in crypto
Mr_Berk
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@pisces38, check orderbook of your brooker or you are just a part of manipulators to trick people. Brooker means who owns the place who you trade with. I am smart enought to understand what is going on. If you can't dare my thoughts, do not read and leave. Even there is a bullish divergence at macd and rsi in every hour frame(30min, 1hour, 2 hour, 3 hour and 4 hour) , i saw 1 million dollars more on selling side than buying side during the night by bots.