Last time we saw this sort of price action, we pushed to the high 20's.
If it weren't for the madness that occurred yesterday this would be well on its way. So lets just say thanks for the dip buying opportunity and move on.
SL: 20.25 (Lows of yesterday)
TP3 (breakout): 30
Not financial advice
Similar setup here to the one in September.
I was one of the very few calling for a dump via H&S days in advance of it actually breaking down. Check previous ideas if you want to see for yourself.
The same setup might come to play here, the next couple days will...
I don't see how people can call for ATH of 22k+ from here without a minor correction/consolidation at lower levels.
We just rallied for 3 months straight for 100% gains. Bitcoin needs to cool off again to gather steam.
Here's the scenarios I see.
1. A correction to lower 17k and sideways consolidation for a bit before we make any substantial moves to ATH. (...
This is a continuation of my idea I Predicted days before anyone else on the H&S while people were calling for rips past 12.5k.
Look for the retest of the neckline. This price action at the neckline will be extremely telling .
10.4-10.5k held tremendously.
This could be a super healthy pull back to suck in shorts who don't cover for a ride into 13k.
We shall see.
Sometimes we get stopped out for a small loss and take a better entry higher. That's what's happening here.
This head and shoulders has been forming for sometime and is converging with some other short term bearish indicators to make for a high probability of us testing the neckline or possibly forming a wick beyond it.
Reasons to enter short here:
This trade would look like a bottom to me and I would long. Therefore, this looks like a low risk short play from here.
I think we test the support one more time and possibly wick below it before reclaiming it. From there we might see some low volume consolidation/accumulation similar to late July before a push up into the EOY.
Just shooting some projections out for the coming months. I saw a figure that says gaps on average have taken BTC 63 days to fill. We're coming up on that quickly for this current GAP.
Lets see what happens.
Short term bear
Long term Bull
Set tight stops longs, BTC loves to bart and shakeout those below.
Would not be surprised to see a similar move to June 1-2 with a move down to the low 11k's before more consolidation up.
If shorting up here, tight stops as well despite a higher probability of downside given the bearish divergences printing right now.
long entry/take profit:...
My last two Ideas were wayyyy too early, didn't think she'd have the steam to blast through so much historic resistance. Got stopped out on both, but, here we are.
The bearish RSI div should have been a sign at 12100 to go short. We tried to break through that local high the other day but failed to do so. BTC looks tired at these levels and lots of signs are...