BTC Inverse Head and Shoulders pattern formed, looking 2 confirm
Happy Weekend Traders. the summer months have been slow and I haven't posted lately as BTC has just been in the doldrums and we aren't getting much movement. Let's bullet what's going on:
1. The right side of this Inverse Head and shoulders pattern has fully formed
2. Both downward trendlines have been broken.
3. 6 hour MACD is in positive territory
4. DAILY MACD and RSI are both sloping up nicely.
To fully confirm the Inverse Head and shoulders it needs to fully break this $6,700 level. Once it does, we should get a move up. However, it appears the move up is going to take time, as in until the end of July to get to the $7,500 area. You have to be patient with this trade. You can enter now and still have a good Risk/reward ratio or what for the confirmation. Your choice.
We'll look to see what it does if it test $6,400 again for any sign that this pattern and move up could be invalid. Looks good so far, but it is concerning it's taking time.
Since the market has been slow I haven't posted on much else. Want to have an update on something else? Let me know!
-Sherem
1. The right side of this Inverse Head and shoulders pattern has fully formed
2. Both downward trendlines have been broken.
3. 6 hour MACD is in positive territory
4. DAILY MACD and RSI are both sloping up nicely.
To fully confirm the Inverse Head and shoulders it needs to fully break this $6,700 level. Once it does, we should get a move up. However, it appears the move up is going to take time, as in until the end of July to get to the $7,500 area. You have to be patient with this trade. You can enter now and still have a good Risk/reward ratio or what for the confirmation. Your choice.
We'll look to see what it does if it test $6,400 again for any sign that this pattern and move up could be invalid. Looks good so far, but it is concerning it's taking time.
Since the market has been slow I haven't posted on much else. Want to have an update on something else? Let me know!
-Sherem
Trade active:
We're already active from the previous idea, but ALL ABOARD. This train is leaving the station!
Comment:
Looking like a bull flag forming for the final break of 6.8k with an ascending price pattern towards it
Comment:
Not to much going on at the moment, getting a bit of a pull back but nothing unexpected. I drew my flag going back to the previous support points and you can see it's hitting this previous support point at 6.7k and that area is holding. We could go lower to 6.5k, but we'll see what happens here. Still looks good for a move up.
Comment:
Quick update: Still in this consolidation flag. 6.7k is holding. This move to 7.5k is going to take it's time. I am not seeing anything really that indicates downward pressure, it's just drifting.
Comment:
It's knocking on this $6,800 level again. A very good sign. If we keep sustaining these moves up, we will bust through. Lots of resistance at this 6.8k level.
So, if we bust through this 6.8k level, the move will be fast. Why? Shorts will get squeezed hard. We're getting close.
So, if we bust through this 6.8k level, the move will be fast. Why? Shorts will get squeezed hard. We're getting close.
Comment:
I posted that chart right in the middle of the candle wick that was forming. So here's my 2 cents now that the move is done.
Since we had another push up to try and break 6.8k. I still maintain that it could be more of a good thing for a break of 6.8k. If we hold, sellers will get tired and shorts will need to cover.
But.... Could this be bad? Quite possible. But so far we haven't really pushed below this 6.7k level and I won't really be concerned until we get to 6.6k, and I will want to see how it's forming up if we do get there.
Be patient and lets see what the market tells us.
Since we had another push up to try and break 6.8k. I still maintain that it could be more of a good thing for a break of 6.8k. If we hold, sellers will get tired and shorts will need to cover.
But.... Could this be bad? Quite possible. But so far we haven't really pushed below this 6.7k level and I won't really be concerned until we get to 6.6k, and I will want to see how it's forming up if we do get there.
Be patient and lets see what the market tells us.
Comment:
This move doesn't help our case for a strong move to the upside. My stop was hit.
Comment:
I was just 1 week too early on this pattern. :(