MrPine

Bitcoin Big Move .786 Fib Test Big H&S

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin on the 4H Time Frame

Testing the .786 Fibinachi resistance at 59.4k
Big Inverse Head And Sholders or Cup and Handle (If we discount the Left shoulder) forming on the 4H


1) Breakout Target 67000-71000

2) Breakdown & Rejection Target down at around 50k with a potential to test the EMA all the way at 41k Level.

Prepare your positions accordingly and enjoy the ride.

Comments

Great idea
+6 Reply
@MrPine Right shoulder needs to be bigger?
+1 Reply
goraxes_ TWIMARKETCAP
@TWIMARKETCAP, Right shoulder should find support higher than the left.
+1 Reply
@goraxes_, how about now that it fell to $55470? maybe a little lower?
+1 Reply
goraxes_ TWIMARKETCAP
@TWIMARKETCAP, Left shoulder's bottom is at 53221. The right should be bottom higher than that. That could be a base of an inverted H&S.
+1 Reply
@goraxes_, lets see, is getting interesting, if that S&H fulfills will be amazing!
+1 Reply
Thank you for your chart and analysis. BTC having a really tough time closing above 59.4k ...meanwhile alts are screaming, incl ETH. BTC has turned into a nearly stable coin.

I've got the 4H 50 EMA at 57984 and the 50 SMA at 58344. Which chart has the 41k EMA you referred to?
+1 Reply
When Pineapple speaks, you listen.
+1 Reply