This is an update to my recent post, outlining the target areas.
In my last post I mentioned the Inv H&S that may be setting up.
We would want to see declining volume generally as this pattern develops, specifically when forming the right shoulder (and even more so the right part of the right shoulder).
We don't have to form an Inv H&S. we could break resistance at any point in time really, but it would be good to keep your eye out for the potential. Measured move takes us to 8736, but would expect further extension to our resistance at 8836. Probably followed by a flag or some sort of consolidation.
I added the resistance levels that I am looking at in the short term. Both grey lines are peaks from back in May. They are not heavy resistance like 10k will be, but they are all we have in this middle ground trending/chop area.
I really wanted to put this out so that you can finally see the 200 MA I've been talking about. Do not treat the 200MA as a clear resistance breakout point, it can easily get above it and then still come back down trough, getting above it and comfortably staying above it is a different story and then it will be acting as support.
This is very healthy for BTC if we can form an Inv H&S because, it would need a nice clear pattern to really get through all of the resistance above us, namely the 200MA.
Cheers!
In my last post I mentioned the Inv H&S that may be setting up.
We would want to see declining volume generally as this pattern develops, specifically when forming the right shoulder (and even more so the right part of the right shoulder).
We don't have to form an Inv H&S. we could break resistance at any point in time really, but it would be good to keep your eye out for the potential. Measured move takes us to 8736, but would expect further extension to our resistance at 8836. Probably followed by a flag or some sort of consolidation.
I added the resistance levels that I am looking at in the short term. Both grey lines are peaks from back in May. They are not heavy resistance like 10k will be, but they are all we have in this middle ground trending/chop area.
I really wanted to put this out so that you can finally see the 200 MA I've been talking about. Do not treat the 200MA as a clear resistance breakout point, it can easily get above it and then still come back down trough, getting above it and comfortably staying above it is a different story and then it will be acting as support.
This is very healthy for BTC if we can form an Inv H&S because, it would need a nice clear pattern to really get through all of the resistance above us, namely the 200MA.
Cheers!
You might want to scale in down to 8086. if your into Scalping this right shoulder, keep your eye out for the extreme low volume starting to turn Green and increasing slightly.
If you miss the low buying opportunities then keep our eye out for a neckline type resistance to buy.