BTC bulls broke resistance and confirmed the 4 hour inverse head and shoulders pattern we have been watching for the last couple days. We did not get a ton of follow through but the 15 min RSI was very overbought and the hourly RSI broke 70 on the initial bull reaction. We will now need to keep 4 hour higher lows and higher highs and 4 hour EMA supports for the bulls to remain in control. Any high volume bear dumps will be a red flag. Keep in mind we are still in a daily and weekly down rend. Our target is daily EMA resistance which is currently at $6,700. I personally still have 60% of my entry from the $6,200s and will remain protective with stop losses under support. I will look to scale some out into strength if we get another leg up.
don't consider 400 plus movements in a minute "breakouts"
UnknownUnicorn2774089
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OUCH
TheTrex
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Good there is stoploss
HD1184K
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also, it doesnt really count as a h&s pattern when the drops and pumps are not natural.
aamonkey
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I don't see it. I think we go lower:
FuklingHolly
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see waves getting stronger against BTC and eth guys ... buy waves on Indodax pair IDr sell pair BTTC and eth ... fortunately, lots of guys ... in and out of the market, my stock of BTTC and eth is growing more and more through waves of coins .... .wkwk ... everything is always profit .... wkwk
premmest
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I wouldnt enter a trade now
telensky
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@premmest, why? Now looks like consolidating a bit. Seems like time to enter for me; but I'd love to hear your thoughts.
premmest
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@telensky, well the follow-through was weak and we did not close above 6500. Also, the 4hr candlestick is forming a shooting star... too risky for me to enter now.
UnknownUnicorn2774089
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@telensky, get in before the CBOE BTC futures end date