Despite the H&S forming and Rising Wedge, what I've learnt with Bitcoin is: if the Pattern seems too obvious & everyone's talking about it.... then BTC often goes the opposite way (just to faaark everyone off).
I don't know whether this is due to Whales manipulating, or contrarians, etc.
Even though Traditional TA says we should fall to circa $6400, get ready...
We had a Diamond-Top warning yesterday...suprisingly, the broke upwards on weak Bull Volume, and formed an Ascending Wedge which broke-down to where we are now $7850.
If we close a 30min or 1HR Candle with okay Volume and Acceleration below $7700, I personally, will probably consider that confirmation of a Double-Top (Bearish).
Let's wait & see.
Good luck! :-)
You can wait for a break to the downside - maybe where the yellow circle is - and the wait for a re-test of the underside, and then potentially Short.
High-Risk players could Short now at circa $8050.
Always use Stop Losses.
Mostly for my own notes and learning....feel free to comment with constructive feedback :-)
BTC also in a Rising Wedge formation presently; and seems rather over-bought to me on the 1HR & below time-frames.
If the coming Bearish move from circa $5204 to Target $5140 doesn't hold, then we could see Target $5041 (if Cypher Pattern plays-out)
BTC fractals are interesting.
I'm personally awaiting a good time to Short. The overall Trend is your Friend :-)
But looks like we might re-test $3700 (Bitstamp), then fall, then re-test $4000 (Bitstamp), then dump hard to re-test the depths of hell around $3000.
If we hit $3100 will speed & volume, then lookout $2500 and $2000 over the next few weeks or...
Most people have seen this potential H&S forming on the Daily.
Will be interesting to see if the Bulls can keep up their steam.
Personally, I'll consider this particular H&S invalidated if we close & confirm above $7000 on the Daily within the next seven days.
Remember, when Markets are going strong (like today), people can't imagine that we'll drop any time...
In my opinion, we're in a Bull Trap. Dead-Cat Bounce.
There's a very similar Ascending Triangle forming on a smaller time-frame to the one we spilled from a few days ago. Similar Fractals, too.
Ascending Triangles are usually Bullish, however, in a overall Bear Market, Ascending Triangles will often spill to the downside.
I'm short right now with stop-loss at...
It's somewhat clear, IMH0, that we're all bearing witness to 'Manipulation War' between Whales, Institutions, Exchanges, etc, who want two different things.
One faction want Bullishness, the other Bearishness. I personally feel the underlying tone is Bullishness, but these Power-Bears are smashing the Bulls down at crucial Technical moments and whenever the Bulls...
See the red-line I've drawn on the RSI?
The last time the 4HR RSI was at 85-90 wasn't for a long-time. Always a little correction after it reaches 85-90.
Probably re-test $7100 - $7000 within the next 24 hours.
Chart illustrations rather self-explanatory. Just the way I see it PROBABLY going in the next few days.
Weak Bull-Volumes and follow-throughs recently. Thin Volumes overall.
Chances are if we close a few 4HR Candles below $5800, Bears and Panic Sellers will probably plummet us to maybe $4900 relatively quickly. Little bounces in-between aren't Trend Changes,...
Everyone is talking about the 'imminent Bull-run starting on the 6th June'.
So, because EVERYONE knows about the Pattern now, it usually becomes invalidated now. That's generally how Trading & Markets work, I'm sorry to say. When it doesn't occur (happy to be wrong!), there will be another sell-off. And we'll probably eventually re-visit $6.K or lower in the...