Hello traders 🐺 .
today I found an interesting chart for BTC and think it's could be a nice idea for publishing and in my opinion there is strong possibility to see the same pattern again , so let's get into the more details :
as you can see in the picture above BTC created a head and shoulder pattern and the interesting fact about this pattern is that previously we had a exact this same pattern for the BTC ;
I think currently BTC price is below the neck line and already tested the weekly support structure one time , but what I looking for the BTC price is create a second low for confirm this support level as a reversal level , but as you can see in the chart above there is possibility to create a lower low below the current low for shaking out the weak hands .
with the current information the best place in my opinion to open long position could be around 43k or 42k because in that area we have strong weekly support structure ; as long as price hold above the previous low at 39.6k I remain bullish and think this bull cycle is not over yet , but if price failed to hold above it and break the blue trend line with the big red candle , that could be the end of this bull cycle ; however guys currently BTC is in the uptrend just in the weekly and monthly time frame and all the lower time frame is bearish , so be careful about any long position because the trend is your friend .
I want to show you another similarity in the chart which could shock you !
as you can see in the RSI BTC created a trend line which after the break out lead to explode BTC price and interesting fact is that when previously BTC created a lower low in the RSI BTC created a bullish divergence , so we can expect another bullish divergence before breaking higher.
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
today I found an interesting chart for BTC and think it's could be a nice idea for publishing and in my opinion there is strong possibility to see the same pattern again , so let's get into the more details :
as you can see in the picture above BTC created a head and shoulder pattern and the interesting fact about this pattern is that previously we had a exact this same pattern for the BTC ;
I think currently BTC price is below the neck line and already tested the weekly support structure one time , but what I looking for the BTC price is create a second low for confirm this support level as a reversal level , but as you can see in the chart above there is possibility to create a lower low below the current low for shaking out the weak hands .
with the current information the best place in my opinion to open long position could be around 43k or 42k because in that area we have strong weekly support structure ; as long as price hold above the previous low at 39.6k I remain bullish and think this bull cycle is not over yet , but if price failed to hold above it and break the blue trend line with the big red candle , that could be the end of this bull cycle ; however guys currently BTC is in the uptrend just in the weekly and monthly time frame and all the lower time frame is bearish , so be careful about any long position because the trend is your friend .
I want to show you another similarity in the chart which could shock you !
as you can see in the RSI BTC created a trend line which after the break out lead to explode BTC price and interesting fact is that when previously BTC created a lower low in the RSI BTC created a bullish divergence , so we can expect another bullish divergence before breaking higher.
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
