Inverse H&S Starts Rally as predicted.. how long will it last?
Follow up idea to my last BTC idea which called the probability of a Inverse H&S pattern forming and the start of a new rally.
I had to move my third line as the set up took longer to form than I expected so I have a slightly lower target at the top of the downtrend channel (11200)
Now we are in the middle of that rally. Volume is a little concerning as it is not as high as one would like to see in the middle of a rally but I believe we will test the upper downtrend line around 11200 and BTC will decide what it wants to do from there.
If we break that line its confirmation of the end of this downtrend. If not, we may continue in this down trend and test a new low.
Happy trading,
D
I had to move my third line as the set up took longer to form than I expected so I have a slightly lower target at the top of the downtrend channel (11200)
Now we are in the middle of that rally. Volume is a little concerning as it is not as high as one would like to see in the middle of a rally but I believe we will test the upper downtrend line around 11200 and BTC will decide what it wants to do from there.
If we break that line its confirmation of the end of this downtrend. If not, we may continue in this down trend and test a new low.
Happy trading,
D
Comment:
Nice upward channel forming
Comment:
Well we reached it earlier than I though and we were denied at the top of the downtrend line.. Still within our upward channel, looking for a bounce off the bottom of this channel and test the top of the downtrend channel where my original target was
Comment:
Bounced right off the bottom of the down trend channel
