BTC caught us by surprise with a $1,000 dollar candle. I thought that given the current bear market we would consolidate within a ascending EW triangle on top of the H&S pattern.
Well we went straight up. Even though a retracement is almost mandatory right now I do think that we will see a bit more upside $6,670 area (Target of the inverted H&S). From there I will go short until the $7,100 to $6,850 area is reached (or my stop loss is reached).
This price action would create an even bigger inverted Head and Shoulders pattern (bullish) which based on measure rules would bring us to a key resistance the $9,600 area.
Afterwards? Well we will see when we are there ;)
All the Best from the Crypto Space Alteroc
Not a Financial advise, be a better trader tomorrow than you are today by DYOR If you liked the idea press the like button, it's highly motivating
Comment
⋅
A clearer view on why 7.1 or 6.8k. It will depend on the demand:
Still bearish bat... Easily confused with an iHnS here in my opinion. The higher this is pushing, the harder the drop will be. BTC is moving in bat pattern fractals since 7 months now and this one at the moment is gigantic... I wouldn't trade it. Good luck.
Alteroc
⋅
@xpr91898, ? I did another post on the bat pattern and it fits with the different retrace scenarios explained here :)
xpr91898
⋅
@Alteroc, yes. I am agreeing with you, hence the word 'still'. This one is really fkn huge, considering we are moving in fractals, this could grow even bigger. Zoom out. We're doing the same thing since 7 months. The dump will be epic. I'll be laddering in below 5k and probably much further down. How about you?
Alteroc
⋅
@xpr91898, Would you have a chart to look at so I can cross check and let you know my thoughts?
xpr91898
⋅
@Alteroc, no but maybe I'll do one for you when I find time. But at this point I don't bother really as I will just DCA with market buys on the way down and sell on these upswings right before the obvious dumps as the movements are very much textbook. Just eyeballing it and doing fine so far. Why make things more complicated as they are. At the moment I think we can pump into a larger bat pattern but that would increase the pain later on.. compare with the dump from 10k, looks scary. No trade zone for me.
Alteroc
⋅
@xpr91898, I'm eyeing 7070 for and see how it goes
xpr91898
⋅
@Alteroc, That would be the optimal target to get this over with quickly and dump down to the bottom soon. Many will call for iHnS confirmation though. I am in disbelief. Your TA is a quality post btw :) I was wondering why nobody is seeing this since months.
Alteroc
⋅
@xpr91898, Thanks a lot :) I like to do quiet and factual analysis. I don't want to take feelings in like Moon and FUD.
On my side 7100 is to close shorts for now, I'm expecting a buyer reaction there. Then depending on the bounce I will short it till 6950ish where I see confluence.
Take care