GO/BTC is forming what appears to be an inverse head and shoulders pattern. For this to be valid, we need to see the .382 fib level around 680 hold again and act as a consolidation point before moving back up to retest the neckline around 760. If that occurs, we need a clean break of 760, and ideally I'd like to see 760 retested as new support before moving up to my ultimate target around 875-900. Bitcoin will have influence on whether or not this plays out. If Bitcoin purges the support zone around 3200, a lot of alts could follow it down.
What to watch for:
1.) For the .382 fib level around 680 to hold and act as a consolidation point before price moves up to retest the neckline around 760. Watch for a break and retest of 760 as new support before a potential move up to 875-900.
2.) For the .382 fib level around 680 to be broken with candle closings below the the .382 fib level. If this occurs, our pattern would most likely be invalidated. I wouldn't be too concerned with wicks, as we saw a handful of those on the left shoulder that got bought back up quickly and we were able to have full-body candle closes above 680.
Entries:
1.) 680-690 (.382 fib level, bottom of the right shoulder if our pattern holds.)
2.) 760-770 when and if a break-out occurs (this would be entering on the retest of 760-770 area as new support. Always a risk we either don't get a retest, or the retest is unsuccessful and price drops back down.)
Targets if price does break to the upside:
1.) 800
2.) 850
3.) 880
4.) 905
Stop-loss: 640-660 depending on risk level. Be weary of stop-hunts and flash-crashes.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
What to watch for:
1.) For the .382 fib level around 680 to hold and act as a consolidation point before price moves up to retest the neckline around 760. Watch for a break and retest of 760 as new support before a potential move up to 875-900.
2.) For the .382 fib level around 680 to be broken with candle closings below the the .382 fib level. If this occurs, our pattern would most likely be invalidated. I wouldn't be too concerned with wicks, as we saw a handful of those on the left shoulder that got bought back up quickly and we were able to have full-body candle closes above 680.
Entries:
1.) 680-690 (.382 fib level, bottom of the right shoulder if our pattern holds.)
2.) 760-770 when and if a break-out occurs (this would be entering on the retest of 760-770 area as new support. Always a risk we either don't get a retest, or the retest is unsuccessful and price drops back down.)
Targets if price does break to the upside:
1.) 800
2.) 850
3.) 880
4.) 905
Stop-loss: 640-660 depending on risk level. Be weary of stop-hunts and flash-crashes.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)