MoonTrader
Short

Retest of H&S neckline and $350 support imminent.

BITSTAMP:BTCUSD   Bitcoin / Dollar
Just thought I would share this since the breakout is just starting to reach $380 resistance. Indicators are topping out and a 50% retrace seems to be in order. Market is still bullish , so trade carefully, but after this pullback would be a good time to get in if the price action still looks good. For all intents and purposes, the market is in breakout mode, but wait for the pullback before going long.

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Related Ideas

sn0wcrash
2 years ago
I agree with you completely - which leads me to suspect I'm wrong. :)
+1 Reply
DanLaffas
2 years ago
Agree MoonTrader. We are due for a pullback to recharge the indicators for the second leg of this journey. As you'll see in my chart we are at the neckline of the daily head and shoulders pattern and I think we'll need a retrace to hit this resistance with some oompf. The 350 area does look like a good launch pad.

snapshot


Here is my posted chart from 30 October:
Got dandruff?? Try head and shoulders.
+2 Reply
Maddie DanLaffas
2 years ago
Woow if thisone will be confirmed 475 will be the target!
Reply
DanLaffas Maddie
2 years ago
Yep, my thoughts too. Just waiting to see where this retraces to before breaking the neckline.

My updated chart
snapshot
Reply
DanLaffas DanLaffas
2 years ago
My actual target will be the green 200EMA
Reply
Maddie
2 years ago
375 was the target now back to 360 at least
Reply
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