Hi guys, this is OG back with another daily technical analysis on Bitcoin. If you enjoy these posts, please like and follow, and feel free to ask questions and share your ideas in the comments below.
Today we are zooming in to the 15Min chart as I see a potential long trade setup. After the most recent rally, Bitcoin is having a small correction and have come down to the 200MAs on the 15Min chart. In this support zone, Bitcoin is forming a potential W-bottom, with the neckline at the 37.2-37.3K zone. If price breaks above this zone with a strong candlestick and strong volume, I will put in a long position, with stop loss below the 200MAs / swing low of 36-36.2K and targeting the recent highs of 38.5 as an initial take profit. Depending on the price action at that point, I will decide how much to take off the table and how much to keep in to target higher levels. Above the 38.5K level, we have 39.2K as a critical resistance level as it was the last major swing high, and price needs to break above that to start having a bullish reversal on the higher timeframes (4H and Daily).
As always, I’m not a financial advisor, do your own research, and stay safe!
Comment
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So far didn't get the breakout that I was looking for, still waiting for the breakout confirmation. If too much time passes without the breakout, this W-bottom pattern might be invalidated. Will keep updated.
@christophe1982, sushi looking quite bearish right now as it is breaking support.
tvcross
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maybe 37.7k instead of 37.3
cryptotraderog
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@tvcross, The W pattern didnt play out, even though price did break above the 37.3K zone. didnt end up meeting the criteria i was looking for so didnt enter
GhostRyder_72
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lol its a head and shoulders
cryptotraderog
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@fjt20n, where do you see head and shoulders / inverse head and shoulders?