Nickonomics

Bitcoin (BTC): Impulse Extension vs H&S

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In the previous idea I laid out a plan to go short below 7320 key level. The price didn't go down that much and nothing was triggered. Now ought to consider both the bullish and the bearish scenarios and apply the breakout strategy. The Bull is activated on break of the 7700 crucial resistance. In this case impulse extension is quite probable. Bitcoin Cash setup would be triggered too:
The bear is back in play below 7400. In this case H&S pattern will be active.
Patience is key.
Comment: Are we going to close beyond the channel lines this time (at last)?
Comment: Current wave interpretation:
Here is what I see as the bigger picture -
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MaxxCharts MaxxCharts
@MaxxCharts, Had to re-upload due to violation
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WARNING BTC IS ABOUT TO BREAK OUT FROM MASSIVE TRIANGLE. WE NEED TO STOP TRYING TO BREAK UPPER TREND LINE TO GET REJECTED. THESE SUPPORT AND RESISTANCE TRIANGLE LINES HAVE BEEN HOLDING FOR MONTHS WE JUST NEED TO COOPERATE WITH THEM , WAIT TO COME TO THE APEX OF THE TRIANGLE SO WE FINISH WAVES 2, 5 AND E AND THEN THE DOOR WILL BE OPEN TO GO ON TO WAVE 3.
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What are the prerequisites for staying behind the channel?
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siht84 TradeStudio76
@TradeStudio76, 3K? No fundamental at all. No reason why it would go there.
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@siht84, i have only repeated the 2014 crash
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SpaceCatZ TradeStudio76
@TradeStudio76, this is 2018 wake up. wash your face then dry it with a large towel. Take a good look at yourself on the mirror for a while and welcome the reality :)
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TradeStudio76 SpaceCatZ
@SpaceCatZ, the TA is based on the past, you should know that
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more or less same I guess
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