Bitcoin - MASSIVE inverse H&S potential........YOU want the DROP
Updated
Hi Traders. Well the rise is still going strong. I have outlined 2 possible scenarios based on the CME futures that expire 23rd Feb - Vertical purple dashed line. Either the strongest have shorted, or gone long. I for one don't know which one, maybe someone out there might be able to shed some light in the comments.
A bull flag formed, and broke to the upside. It has reached it's target at the .618 - black dashed line.
The red dashed line which is the first H&S mark
EMA 50 could cross over EMA200 reconfirming bullish trend.
RSI is high, but not extreme. Could climb more, but would end up extreme at this rate by the time it reaches the red dashed target if the long option was to be.
1 - Futures Short. (lilac line) Will retrace to the .75 from the ATH around the 9500 mark. Should bounce back off creating one massive H&S which should propel up to the 17,400 H&S target - Green dashed line.
2 - Futures Long (Aqua line). Progress up to the red dashed H&S target, with a probable bounce down. How far this bounces will depend on the support zones. Could possilby be shorted from the red dash by whales wanting it to double bottom at $6000, and increase profit again, or stop short on the .75 creating a higher low, then upward again.
This is not trading advice, purely for educational purposes.
A bull flag formed, and broke to the upside. It has reached it's target at the .618 - black dashed line.
The red dashed line which is the first H&S mark
EMA 50 could cross over EMA200 reconfirming bullish trend.
RSI is high, but not extreme. Could climb more, but would end up extreme at this rate by the time it reaches the red dashed target if the long option was to be.
1 - Futures Short. (lilac line) Will retrace to the .75 from the ATH around the 9500 mark. Should bounce back off creating one massive H&S which should propel up to the 17,400 H&S target - Green dashed line.
2 - Futures Long (Aqua line). Progress up to the red dashed H&S target, with a probable bounce down. How far this bounces will depend on the support zones. Could possilby be shorted from the red dash by whales wanting it to double bottom at $6000, and increase profit again, or stop short on the .75 creating a higher low, then upward again.
This is not trading advice, purely for educational purposes.
Note
Shorting has begun - confirmation with reversal candle 45min chart. Lets see how far they want to short it. Next support 10,200. Could be forming right shoulder, or breaking it.Note
At this stage it looks like the CME is being shorted this time round. Obviously too predictable to short both CBOE and CME like January. The manipulators might be pulling a fast one to deplete the trading accounts of the greater unwashed.Still a little early for the main dip if you go on the 60 day cycles. Will either bounce back after the 23rd, form a H&S ready for them to collect on the long positions in March. Or they might just push it down to shake out loose hands so they can pick up more cheap coin before the bull run.
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