SkyRockSignals

BTCUSDT | Inverted Head and Shoulders bullish pattern

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has shot around $1 500 higher over the past week, reaching a weekly high of $13 200. The price of the leading cryptocurrency has dropped slightly to $12 900 as of this article’s writing, just shy of the highs and the pivotal $13 000 resistance level

Three Fundamental reasons why Bitcoin is moving higher
  • The global markets are pricing up in an expectation of democratic win for the Presidential Election of 2020. Analysts say that this will ensure that there is more fiscal stimulus coming, which will result in the devaluation of the U.S. dollar and a relative rally in the price of Bitcoin .
  • More institutional capital continued to flood into Bitcoin and this market this past week. U.K. fintech company Mode revealed it would deploy some of its cash into BTC . Also, Grayscale Investments shared it has seen massive institutional investment after already reporting a record quarter of over $1 billion in investment.
  • PayPal confirmed its support of cryptocurrencies this week with an intent to support the purchase and sale of top coins like Bitcoin , along with digital asset payments. There are also rumors that the company is looking to acquire crypto firms, namely BitGo.

Are there any technical confirmations?
We can see at the short-term timeframe chart Bitcoin price broke down ascending trend line which resulted in sideways trends shift. Afterwards the price action attempted to break it above but got a rejection. Within this day Bitcoin has consolidated and finished Inverted Head and Shoulders ( IHS ) pattern at the psychological level of $12 900 which is also at the top of the Bollinger channel.

Conclusion
Taking into account both Fundamental and technical sides we can sum up that there is a very high probability of Bitcoin price continues upward movement till the end of October. Hedge your positions with tight risk management settings. Our next target is FIb 1 level which is around $13 250 zone
Trade closed: target reached: Manipulative activity grows once the price reached supportive trend line again. We detected an unusual selling activity right now. A sharp sell off can start now

The candle has both shadows up and down. Upside pressure is strong too

Trade active: The price action has broke above the trend line and returned into ascending trend channel. Inverted Head and Shoulders pattern starts performing. Bitcoin price approaches to our first local target
Trade closed: target reached: Inverse Head and Shoulders pattern accurately performed and Bitcoin's price action has reached our target. We shared analysis when the price was $12 980 while our target was $13 250 which equals to 2 base percent return. Taking into account standard 5x leverage the position brought us 10% within 1 day.

Currently there are more bearish signs and we consider wait till the price reaches Fib 0.236 retracement level to make a small purchase. In case of bounce confirmation from this level we will make addition purchases while our new long targets will be $13 750. In case Fib 0.236 level does not withstand we plan to enter short position until Fib 0.5 which is around $12 333 zone

Trade active: Bitcoin's price action follows the forecast top-1 cryptocurrency decreased right to the Fib 0.236 support level where it currently tries to consolidate. We made a second entry at the mentioned level and waiting now for a bounce confirmation.

How can we conclude price successfully bounced?
A local pivot is formed right at the support level. This is a median level which can attract price action movement. The bounce is confirmed if price goes above $12 946. We placed the rest part of purchase amount at this level. In case the price goes below $12 770 we can conclude the pivot is rejected and Bitcoin's price will continue its downtrend

Comment: Pivot of $12 850 is confirmed we continue to accumulate Bitcoin and moved our stop loss to the pivot point

Comment: Price action accurately follows I scenario. We see a great possibility of consolidation above $13 000 today
Comment: Bitcoin still follows the I scenario and goes straight upward. Currently it penetrates the Double top resistance formed around a week ago. We see a great chance the resistance will be broken and the price action consolidates above which means our final target of this trading analytics $13 750 will be reached soon

Trade closed: target reached: The core analysis was shared on October 24th. Within 4 days we made 8 updates to the idea regarding new entries, targets and stop levels. There were 2 trades made in these updates:
1. Buy at $12 980 and sell at $13 250. The position brought base 2% which resulted in 10.% with 5x leverage
2. Buy at $12 818 and sell at $13 750. The position brought base 7.3% which resulted in 36.5% with 5x leverage
Summing up we made 46.5% ROE to investments with marginal BTC trades which you could copy using our shared analytics

Currently Bitcoin broke down into the broadening wedge and parallel channel. We expect further decrease but there is not enough proofs to make entry position analytics. So we will come back to you with new trading session once the market will be more certain, stay tuned!

Best regards,
SkyRock Signals

Comments

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SkyRockSignals MartyBoots
@MartyBoots good video
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nice work
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SkyRockSignals MartyBoots
@MartyBoots than you
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Manipulative activity grows once the price reached supportive trend line again. We detected an unusual selling activity right now. A sharp sell off can start now

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