After taking profits on Bitcoin short trade setups (see links below), I was carefully watching to see how price would react to the $5,900 area expecting a rally (profit taking).
There was a nice rally up to the $6,600 area. Now, if you look closely there was a complex inverse head & shoulders pattern forming.
The right shoulder was smaller, however the volume was increasing so I wasn't getting my hopes up of a huge rally to the upside. True enough, price popped out the top and fizzled. Failed H&S patterns give clues.
Is this a sign that Bitcoin is struggling again?
I think so... Let's keep an eye on this one for downside continuation patterns.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
There was a nice rally up to the $6,600 area. Now, if you look closely there was a complex inverse head & shoulders pattern forming.
The right shoulder was smaller, however the volume was increasing so I wasn't getting my hopes up of a huge rally to the upside. True enough, price popped out the top and fizzled. Failed H&S patterns give clues.
Is this a sign that Bitcoin is struggling again?
I think so... Let's keep an eye on this one for downside continuation patterns.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment:
The reason why I didn't take the larger Inv H&S trade is because of the volume on the right shoulder. Should be highest on the left shoulder or head, diminished on the right shoulder.
Trade active:
Added more to short position
Trade active:
The larger Inv H&S pattern that I alluded too previously has broken out again, but appears to be failing again. Expecting further decay to the downside. If we see a large green candle that takes out my position, things will certainly get interesting.
No stress, position sizing is most important win or lose.
No stress, position sizing is most important win or lose.
Trade active:
Price pushed up suprisingly higher than expected. Managed to add to my short position at nice levels to allow me to reduce risk now.
Trade active:
Break below $6,300 should kill off the last of the bulls that are hanging on for dear life.
Trade active:
Bitcoin still struggling and im still expecting $5,900.
Remember, this trade idea was based off an earlier failed inv.. head and shoulders pattern.
Remember, this trade idea was based off an earlier failed inv.. head and shoulders pattern.
Trade closed: stop reached:
Bitcoin is trading sideways for too long. Slight bullish momentum. False break out of pennant pattern.
I've exited my positions.
I've exited my positions.
