If you are busy, you can just read below briefly
'A. Briefing '
'E. Summary and Strategy'
before read, click '+Thumb up, +Follow' :-)
. Approaching important level($7100~$7200)
. Just before touching descending
. Indicators showing over-bought
Just before touching descending
possible to be pattern -> today's candle is very important
being resisted by 100EMA
penetration of 100EMA and descending -> completed pattern -> possible to additional go up -> high possibility for market
C. 4H Chart
Reversal based on Dow theory
in right order
horizontal or ascending -> breakout up-ward -> completed target
0.5 is important level for additional rise.
There is Tweezers top pattern. This could be not really important signal because it is found out from low frame chart(4H) but if it cannot breakout continuously, btc price might be dropped down.
a) and showed hidden divergence like blue arrows in past and now, and are showing the divergence again.
b) Stochastics is becoming converged.
c) : there's possibility for golden cross since Jan. 2018.
If you check , divergence more definite but also shows positive signal. In this confuse situation, personally, correction phase at least will be come since $7100~$7200 is working as resistance.
check out the direction of breakout on Stochastics
but keep saying, do not trade with only indicators!! This is just your assistant for trading
E. Summary and Strategy
Recommend that Wait until breakout of purple box. even it is broken, there is descending just above. always keep thinking about it.
But, if you really really want to trade as aggressive traders, check from above chart in short-term(30M).
Trade with your standards.
if i catch 'buy signal' and something special, 'll comment
If you got help from my idea, "+Thumb up, +Follow" .
For your reference, when you trade using harmonic pattern, fibonacci 0.382, 0.5, 0.618 are selling level.
but there are doubtful points about the pattern ;
2. too short period
3. no good rounding shape(personally)
Therefore, need to take a bit time to be confirmed.
When the neck-line is broken later, i'll mentioned it again.
1. Drop : check whether BTC is supported by ascending trend line and Fib. 0.382
2. Rise : check whether neck-line and Fib. 0.5 are borken
This is the end of my idea.
Thanks and if you got help, click +thumb up, +Follow.