BTC broke the triangle bullish. Currently healthy consolidation on the 4hr - declining bear volume. Also, we have a hammer on the weekly.
We need to break and close above 4237 (red line) level with good volume for the inverted h&s setup to come into play.
There are some warning signs on the daily - the volume isn't very convincing but it was enough to make the break. There is also a bearish divergence on the 4hr, and the daily would make one as well if it were to move up right now. We also have the ichimoku cloud hanging just above (a ton of resistance). If I were in a long, I would take some profit right now.
I am not convinced by this move and will remain in cash. Remember there is no need to rush into trades, the market is always open and there will be many more trades with better risk vs reward ratio... stay protective and pick the trades you feel most comfortable with.
Good luck!
We need to break and close above 4237 (red line) level with good volume for the inverted h&s setup to come into play.
There are some warning signs on the daily - the volume isn't very convincing but it was enough to make the break. There is also a bearish divergence on the 4hr, and the daily would make one as well if it were to move up right now. We also have the ichimoku cloud hanging just above (a ton of resistance). If I were in a long, I would take some profit right now.
I am not convinced by this move and will remain in cash. Remember there is no need to rush into trades, the market is always open and there will be many more trades with better risk vs reward ratio... stay protective and pick the trades you feel most comfortable with.
Good luck!