I believe cryptos are about to BOUNCE, driven by BTC bouncing off the lower trendline for a ≥11% move.
Bitcoin just completed a H&S that took us from 41K to 33.5k and is at a crucial decision point for the next big move. What gives me confidence is that ETH is forming a reverse H&S that goes back to the initial crash on May 19. We’re sitting just above the $2200 mark which acted as support on the left shoulder. We’re forming our right shoulder but it’s tough to say if this is the bottom or if we need one more dump to get BTC out of the triangle. I believe it’s wise to buy here and add more if BTC breaks the triangle which would force ETH to fall too. I think demand is too high for us to retest the lows before a significant bounce but it is possible.
I’m looking for about 11% from BTC and 25% from ETH from these levels. Best of luck, all.
Sultan of Chart
Published trade stats: Wins: 4 Average gain on wins: 10%
Losses: 1 Average loss on losses: -19%
Wtd Avg Trade P/L: +4.2%
Pending: 2 (including this idea)
Comment
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Prices at time of publish: BTC: $34,215 ETH: $2235
Trade closed: target reached
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BTC trade closed at $37,700 for ~11% gain
Trade closed: target reached
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ETH trade closed at $2773 for a 25% gain
Need to see how BTC acts at the top of the triangle. If we get a confident breakout, I will be back in both, larger position in ETH because I expect ETH outperformance on a breakout
You're really stroking my confirmation bias here sir
Sultan_of_Chart
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@NoOneWhoIsSomeone, not trying to be overly bullish, but the odds are in our favor for a rebound. I was short on the head and shoulders, only caught half the drop but now I believe we're turning. Obviously have a stop loss because if we break down it will get ugly fast