Hello guys! welcome to this brief analysis on BTC!
A few days ago I published an idea on BTC and i drew this inverse H & S, that seems at least for the moment, to follow the price trend well.
Right now we are in a very important moment, because since we break the EMA200, price went to test the top of the downtrend channel several times without success and also with a false break.
The EMAs (50/200) at this time are almost coinciding shortly will certainly be tested as supports and if they should hold well (hopefully) we will soon arrive in a situation where they will cross the top of the downtrend channel, so in my opinion, very soon we will understand in which direction the market will move.
I designed the two hypotheses that I think could occur.
If the downtrend channel is broken, there will be a lift up to the Fib 0.618 retracement which will act as a resistance and cause a small downward correction, to then go up towards the stronger resistance to the 0.5 fib retracement where we will encounter a lot of difficulty.
In the case instead of a breakdown of the EMAs (hopefully it does not happen) there will be a fairly rapid descent at least up to the Fib 1 retracement, but in this case, the worst thing would be that the bear market will be confirmed again and we will wait many days to see finally a bullish trend.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
A few days ago I published an idea on BTC and i drew this inverse H & S, that seems at least for the moment, to follow the price trend well.
Right now we are in a very important moment, because since we break the EMA200, price went to test the top of the downtrend channel several times without success and also with a false break.
The EMAs (50/200) at this time are almost coinciding shortly will certainly be tested as supports and if they should hold well (hopefully) we will soon arrive in a situation where they will cross the top of the downtrend channel, so in my opinion, very soon we will understand in which direction the market will move.
I designed the two hypotheses that I think could occur.
If the downtrend channel is broken, there will be a lift up to the Fib 0.618 retracement which will act as a resistance and cause a small downward correction, to then go up towards the stronger resistance to the 0.5 fib retracement where we will encounter a lot of difficulty.
In the case instead of a breakdown of the EMAs (hopefully it does not happen) there will be a fairly rapid descent at least up to the Fib 1 retracement, but in this case, the worst thing would be that the bear market will be confirmed again and we will wait many days to see finally a bullish trend.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
At the moment the price is just above the top of the downtrend channel, but the breakout is not confirmed yet due the small exchange volumes.
However, EMAs seems to work like good supports, the MACD is just below his signal line and seems to be going up.
If this trend will continue, the ascent will occur slowly, step by step, till the next resistance.
Im confident but we must see what happens in the next hours.