Hello friends, looking at the daily chart on BTCUSD , I saw a small possibility for H&S Pattern. I know that most of you are waiting and following on the weekly inverse H&S , however I wanted to share with you my doubts. If my idea becomes valid, my target would be in the 6400-6500$ area, but if BTC breaks 9200$ level and closes above it I would start thinking bullish . Until then I will stay neutral till BTC chooses its way.
NAMASTE!
NAMASTE!
Trade active:
As expected 9200$ was a resistance level and BTC formed the right shoulder. A breakout from 8450$ would cause a sellout which might stop at 8000$-8200$ but in my opinion it won't be a strong support area. It might rally back to the neck of the H&S pattern to test for resistance. But my global view is that 7600$ - 6600$ is a strong support area at the moment. However, if BTC breaks 6400$ I think it would be very critical for the bulls.
NAMASTE!
As expected 9200$ was a resistance level and BTC formed the right shoulder. A breakout from 8450$ would cause a sellout which might stop at 8000$-8200$ but in my opinion it won't be a strong support area. It might rally back to the neck of the H&S pattern to test for resistance. But my global view is that 7600$ - 6600$ is a strong support area at the moment. However, if BTC breaks 6400$ I think it would be very critical for the bulls.
NAMASTE!
Trade active:
Also, I drew support areas which I think that are important.
Also, I drew support areas which I think that are important.
Trade active:
First major support hit!
Trade active:
On 4H chart a bullish divergence is evident. Also, if the current candle closes like this it is a candlestick confirmation for hammer. I expect first movement to stop at the support area of 8000$. However, there is a small possibility to test the neckline of the H&S.
Trade closed: target reached:
Target was reached. Trade closed with huge profits. Also it is evident that Bitcoin doesn't give f**k for supports....
Namaste!
Namaste!