BTC did hit for the H&S target, and it is now forming a cup & handle on hourly chart.
BTC is looking for a test on the 200 EMA on 1H BTC chart, which happens to be the top of the right-angled and descending broadening formation. This formation usually includes a cup & handle on its own after the top resistance line test.
So I'm expecting something like in the blue(aqua) arrow to form a bigger cup & handle inside the formation before the breakout, and the target of that formation and the broadening will be the same.
BTC is looking for a test on the 200 EMA on 1H BTC chart, which happens to be the top of the right-angled and descending broadening formation. This formation usually includes a cup & handle on its own after the top resistance line test.
So I'm expecting something like in the blue(aqua) arrow to form a bigger cup & handle inside the formation before the breakout, and the target of that formation and the broadening will be the same.
Comment:
We do have a negative divergence atm so if it works out, we should go below the green EMA which invalidates current C&H. My overall analysis wont change
Comment:
200 EMA tested, all it needs is a SR flip. need to watch closely. either reject or go up there is no sideways action here
Trade closed: target reached