It's always a bit 'wait and see' which tradeable pattern eventually unfolds (sometimes a viable looking setup morphs into another slightly larger one ). This looks like a maturing TA setup though, which is about to get ready to being played. I do see again a potential ishs popping up, but after a personally quite incomprehensible mishap last weekend going into Monday as well, I am cautious to sound all to . The market has not chosen direction yet, and not released too many clues either. Breach of the neckline counts as a confirmation for a continuation.
Neutral stance for now with a tiny bias. I admit the latter. ;-) I am human.
I will provide (or will try to do so) more info going forward through updating this idea. That's something I feel like doing, something that suits me fine from a personal point of view. And maybe I can act as an extra pair of eyes to someone around here. Like many members do with regard to me.
Happy and safe trading fellows!
Then some quite irritating hanging right under the crucial level, so you hang on to take into account a possible stretch/undershoot. Pretty common in btc. It's actually the most nasty price action entry stop loss wise.
Eventually we went substantially lower, then a retest and we are still trading under first support now acting as resistance.
Under the next red line bulls might have a problem imo, Bollinger 4h is slightly under triangle formation. Could prove support even if we are trading at that point slightly under the triangle. Bollinger bands are sooo important to give that extra signal.
Not the easiest of markets right now
4h Bollinger has held. Triangle still in play.
Super simple snapshot. Triangle formation clearly visible here. Ma20 acting as support. Whoever is 'convinced' a drop to 27k is impossible (Bollinger ma50), is losing it by not being objective anymore. Sorry to tell them, crystal balls do not work.
For now still in that triangle. When we drop out of it, we could (very likely) see some heavy price action.
Some nice plays of support and resistance, but with regard to medium term direction, you can not find much clues if any.
Large shoulder head shoulder like formation visible. Not an easy neckline. Neckline is a broad zone in a way, so it probably will not be easy to find a clear and neat entry when breaking down (when you want to sell the market).
Bollinger ma50 confluence
Retest? Every level is full of fake outs at the moment. It's really triangular consolidation. textbook it should go up now.
You see how difficult it is to work inside a triangle with regard to ST targets. Apparently a retest of purple was in play. The break of green did not do anything in terms of the acceleration towards orange I honestly had expected. Now again around that green line, orange still above us. Still in the triangle nowhere near a solution. It is what it is...
"Orange can be hard, sometimes she knows
Orange is the way the summer blows
Orange can be hard, orange can be hard, sometimes she knows."
It's a song from my youth, a Belgian band so probably unknown to most. It's nice though.
Now come on now BTC! :-)
Resolution comes nearer and nearer. This is sooo huge.
Price trading in a channel (I would call it some sort of 'secondary' pattern within the larger triangle. If it breaks we sail to the underside of the triangle (where a bounce could be expected). At least that would be the likely outcome.
The channel could very well bring us to the upperside of the triangle as well. But it is a fragile pattern in a way. A MT solution is coming nearer and nearer but this kind of waiting mode could very well take multiple hours to resolve.
I think this is going underside triangle DYODD
My original idea was about a possible inverse shoulder head shoulder pattern in play.
Now look at yellow (both neckline as shoulderline). An inverse shs still is a plausible possibility, but the shoulder symmetry has worked out (totally) differently than I had visualized it. Yeah it's a mistake of me (in hindsight).
So we have a large shs, potential megaphone (broadening wedge), a triangle AND an ishs in play. That's a lot of things that has 'morphed' into one setup.
By the way, I like using Binance and Stamp together, those two together gives better insight than just one.
EXACT bounce on yellow red confluence. Long for who dares, après nous la deluge
Clear triple rsi divergence, clear bounce. Too early to read much into it but fresh longs I would definitely run.