TomHall
Short

Bitcoin - Head & Shoulder Formation

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Currency Pair: BTC .USD
Time Frame: Daily, 4hr & 1hr
Predicted Direction: Short ( Breakout Permitted )

Live BTC .USD updates will be available in the comments section below.

The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Comment: When identifying formations ( In this case a H&S ) use your own historical data to produce your potential future outcome.

There is no right or wrong way of using the EMA or Fibonacci tool etc, as long as the trader has identified historically that it will yield them a return then everyone is happy.
Comment: A breakout has now been confirmed.
Comment: Should you be short i would now look to adjust your stop loss.
Please note it will all depend on your broker, spreads etc whether it is viable to adjust your SL.
Comment: I hope everyone was able to take advantage, keep an eye on the daily TF for deceleration on the approach to a historical ascending trendline.
Comment: Price is now forming a nice low-test reversal candle ( not yet confirmed ) at the daily ascending trendline.
Given current structure there may be a long opportunity available in the coming day / days.
Comment: Trade the next impulse.

Comment: Key levels to watch into this week.

Comment:
Hi Tom !! Thanks for update. What is the most possibility to btc up or down ?
Reply
Hi and thanks for update.
Could you please explain what you mean by : "Trade the next impulse"?
Reply
TraderTherapist TraderTherapist
@TraderTherapist, Got it now.
Reply
Thanks for update tom
Reply
Do you think tonight will be up? how much. Thank you tom
Reply
Hope this will work out otherwise BTC + crypto will be in bit of a trouble.
Reply
Chatra Chatra
+1 Reply
Good call Tom! I think it's not done yet, still in wave 4 to go to 8.375k before going to finish 5 at 7.2-ish territory. When fud comes 5.4k for new lows.
Reply
i like to see it go lower
Reply
Hey, we where to 7650, is that still on your range? what do you think? thx for the charts
Reply
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