28th Jan :
BTC has been going up really well over the last week and abit. We are now coming into the upper trendline + a great deal of resistance to the left.
Im still confident the idea from 28th Jan will hold true and we may see a head and shoulders pattern before a real breakout to the upside.
My predictions :
We will see a spike and break above the trendline to around 12k before seeing a sell off back down toward the 9.5-10.5k mark to create the second shoulder before seeing the move up from there. (I will try to illustrate this the best I can on the chart - hopefully its not too messy)
Even if the spike up to 12k does not occur, the shoulder may still form in the buy zone regardless. Keep close attention to this point.
Why my bias is bullish :
50 EMA is now starting to cross other EMAs (Already done the 4hr 200 & is now just crossing the daily 200 EMA). As well as the crosses, the EMAs are now beginning to slope upward.This is a great sign for bulls.
Reasons to long the buy zone :
- Convergence of all EMAs around the same area - very good support
- Where the second shoulder of the head and shoulders pattern should occur IF price is forming this pattern
- Good support in previously formed structure
- IF it goes up to 12k, the 0.382 retracement is located in the buy zone.
As always,I will be watching this predetermined zone for sufficient price action related entry triggers in order to buy.
Should the H&S pattern occur, standard targets for it will be around the 18.5 mark (tip of head to neckline x 2 but given the 17k mark has some heavy resistance, you could take off some position here
Good luck
Not financial advice
Trade at your own risk
etc etc
BTC has been going up really well over the last week and abit. We are now coming into the upper trendline + a great deal of resistance to the left.
Im still confident the idea from 28th Jan will hold true and we may see a head and shoulders pattern before a real breakout to the upside.
My predictions :
We will see a spike and break above the trendline to around 12k before seeing a sell off back down toward the 9.5-10.5k mark to create the second shoulder before seeing the move up from there. (I will try to illustrate this the best I can on the chart - hopefully its not too messy)
Even if the spike up to 12k does not occur, the shoulder may still form in the buy zone regardless. Keep close attention to this point.
Why my bias is bullish :
50 EMA is now starting to cross other EMAs (Already done the 4hr 200 & is now just crossing the daily 200 EMA). As well as the crosses, the EMAs are now beginning to slope upward.This is a great sign for bulls.
Reasons to long the buy zone :
- Convergence of all EMAs around the same area - very good support
- Where the second shoulder of the head and shoulders pattern should occur IF price is forming this pattern
- Good support in previously formed structure
- IF it goes up to 12k, the 0.382 retracement is located in the buy zone.
As always,I will be watching this predetermined zone for sufficient price action related entry triggers in order to buy.
Should the H&S pattern occur, standard targets for it will be around the 18.5 mark (tip of head to neckline x 2 but given the 17k mark has some heavy resistance, you could take off some position here
Good luck
Not financial advice
Trade at your own risk
etc etc
Comment:
Comment:
As predicted
will look for longs at buy zone now... its time for a bearish move
will look for longs at buy zone now... its time for a bearish move
Comment:
The momentum of the sell-off is quite strong
Comment:
Trendline broken and reaction with outer trendline is underway
Comment:
We are now more or less at the buy zone. I am quite cautious of this as the mometum of the sell from the top is alot stronger than that of the buy move to the top.
What we have forming now may well be a bull trap and I personally expect a continuation of the move down soon.
I will update the chart as we go but given the mometum in the sell at the moment and the emergence of a likely bearish head and shoulders formation, I would suggest again buying into this one for now.
What we have forming now may well be a bull trap and I personally expect a continuation of the move down soon.
I will update the chart as we go but given the mometum in the sell at the moment and the emergence of a likely bearish head and shoulders formation, I would suggest again buying into this one for now.
Comment:
Potential head and shoulders on the horizon. I would suggest staying out of any BTC trades for the time being until the overall direct for now is clearer.
Will post a new chart at some point illustrating these thoughts and maybe identifying a new buy zone
Will post a new chart at some point illustrating these thoughts and maybe identifying a new buy zone