Hope you're well after the Holidays. So - our AB-CD downside retracement to 6.9K area is done, giving us "222" Buy on 4H chart, which is actually a part of daily H&S pattern.
Currently our task is clear - 6.9K is a bottom of the right arm and BTC has to hold it - to keep bullish scenario valid. Thus, if you have taken long position at 6.9K - now you could move stop to breakeven and watch the movie. Based on H&S our target is 8.3-8.4K area - near major daily 5/8 Fib resistance level.
If you have missed long entry - today you could consider 7.1K 1H support area to do this.
Conversely, if H&S will fail - it means big failure of bullish context on daily/weekly basis and downside continuation, somewhere in 4K area. But our sentiment analysis of the market tells that chances on this scenario are not very high...
Detailed analysis you could watch in the video on our website.
It is a potential pattern, Bitcoin will need to go above $7,700 USD to confirm it. You are most probably right, but we are not there yet. Price target aroud $8,900 USD. Good job.
amir_shfshf
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Tnx for sharing
Is it possible to get back to 7100 support again?
Sive-Morten
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@amir_shfshf,
Well, as market has moved higher a bit on Friday - it is still possible to get 3/8 retracement on 1H chart. But it will be around 7185 this time.
Just keep an eye on 1H chart - gradual retracement down, appearing of "222" Buy should give you the chance to step in.
amir_shfshf
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@amir_shfshf,
I have been following your excellent analysis for a long time.
Thank you mr