TomHall

Bitcoin - Proper Planning Prevents Poor Performance (5ps)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
My research shows that becoming overwhelmed is the leading factor in why many traders suffer continued losses or consistent drawdown.

The big question is always regarding indicators, which is the most profitable and which indicators should i use.
As many will know there is a fine dividing line between what is too much and what is too little.

Although harmonics represent less than 5% of my trading, it's a tool that can be used to provide a different perspective when identifying potential reversal areas.
Using harmonics ( Cypher Setup ) in this occasion provides an additional area of potential reversal at $10,400 which coincides with previous posts.

I suggest using the above information as to where price could find minor resistance as opposed to a definitive area of reversal.

I hope the additional information is informative and not a hindrance.

Many regards,
Tom Hall
Comment: Price is looking to break the neckline of the overall H&S formation, this breakout could cause some large bullish momentum candles.
Keep a close eye into today.
Comment: Inverse H&S neckline now broken, expect upside towards $10,400
Comment: Price is now approaching D leg completion of the Cypher setup after the solid H&S breakout.
Comment: Price testing just shy of the $10,400 level as predicted, now potential downside on it's way.
Comment: I will either be targeting $5,000 or $20,000
Click below to view the full analysis.

thanks again for update,.
+3 Reply
TomHall SamTaheri
@SamTaheri, My pleasure :-)
+2 Reply
I would suggest 9300-9500 if the 20 holds, else down to mid to low 8's.
+2 Reply
TomHall dukenewcombe
@dukenewcombe, I agree low $9k is a possible pullback.
Reply
Thank you tom, god bless you.
Do you think bitcoin probably make a double bottom?
+3 Reply
TomPower mrmstf
@mrmstf, no way , in case you were like me who missed the train, it definitely makes a higher low , he's got 2 targets, average down when they are reached. This is a major bull market , we will never see anything like this in our lifetime.
+1 Reply
mrmstf TomPower
@TomPower, Look at chart tf 1D or 4H there is bearish divergence
+1 Reply
TomHall TomPower
@TomPower, What you have to take into consideration when price rose from $8k to $10k then onto $15k & 20k people thought they were missing the boat and jumped in, we could be seeing the same again now with traders thinking they missed the bottom.
I'm certainly not saying your wrong just something to consider as we have minor pullback occurring.
+6 Reply
@mrmstf, My pleasure, do you mean double bottom at $6k on the 4hr & Daily TF?
Reply
mrmstf TomHall
Yes tom, bearish divergence
Reply
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