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BTCUSD - July 13th's green daily close supports iH&S

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Quick update as we closed our daily candle for July 13th.

The green daily close and volume profile support the inverted H&S pattern.

If this pattern were to come into play, the price action cannot retrace to the common retracement area of .786 of leading diagonals. But that's alright as the .618 level is being defended strongly and a retracement that steep is although common, but not necessary.

All in all, today (July 14th) is critical to watch as we approach the weekly close.
More updates to come.
Comment:
we also have a triangle formation in lower TFs, we have to watch out if we trade below the dotted line
Comment:
This is a H1 chart, we broke upwards. A retest can be seen in the 15 min chart.
Comment: the .382 ret of the recent bear swing (~6370) needs to be cleared with conviction for us to give more credit to buyers

Comments

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