Bitcoin has a really interesting head and shoulders even on 1D. The aggressive neckline has broken and provided 5.84% gains on a short. Waiting for confirmation via:
1. Plan A: Bearish Retest of Neckline for short to possible pullback zones 25.2K and 24k levels 2. Plan B: Fake-out of Neckline for Long to first to 31k
Future markets open in about 3h 34m
Always having Plan A and Plan B scenarios so we can react once the markets provide an opportunity to execute our edge.
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BTC is still in play for the Head & Shoulders. Huge pattern so taking time to develop. Don't forget Plan A / Plan B from above and set your alerts.
Current price action:
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Altcoins (ALTS) follow CRYPTOCAP:BTC so have a plan across a couple of coins to take advantage of the move.
CRYPTOCAP:BTC is activating! Buildup underneath the broken neckline provides more leverage to short with confidence. Buildup Breakouts and Breakdowns have less of a chance to fake out.
It's all happening - set your alerts and ride the wave! Here is an updated chart:
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CRYPTOCAP:BTC update to above idea. This update is showing a very important aspect as how to use CRYPTOCAP:BTC as an indicator and confluence to time moves on #altcoins for 30% to 40% gains.
Keep it real. Wait for your EDGE and EXECUTE. This requires PATIENCE and FOCUS.
If you like my ideas AND updates, please let me know. I also wouldn't mind getting a Boost and Share within your network :) Thanks!
@bitbirdsfly, not closed on candle. Better for Break and Retest - you can time it on 4h or 1h.
bitbirdsfly
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@imr4nkh8n, but 12H & 2D, strong support MA50 MA200 ?
bitbirdsfly
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@imr4nkh8n, you were right, I should been more patient. a good lesson.
NoaTrader
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What do you think about this:
imr4nkh8n
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@NoaTrader, Yes, also a perspective. But the lower high provides bias for downside. If the head and shoulders fakes out then the above is the play for Plan B in my notes above. Thanks for sharing!