BitcoinLong
[BTC/USD] BTC forming inverse H&S bullish reversal [BTFD-VIP]
Updated
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Comments and questions are welcomed below, please feel free to ASK anything!
HOW TO TRADE THIS CHART?
First like/thumbs up the chart then read below.....
Bitcoin is possibly forming a very strong and reliable reversal Inverse Head and Shoulders pattern on the daily chart
today we saw some good bids pushing price up and i feel like i can finally post this chart with some confidence of this pattern forming up...
FOR the pattern to complete we need a price move towards 4150 to break the neckline which is the GREEN line of the Inverse H&S , then its up from therein....
BUT if the price comes down below $3456 then right shoulder being lower than the left, this will INVALIDATE the formation of the pattern and cancel our trade
For potential targets for bulls we would aim using the fib levels and/or the 100 & 200 EMA's - we could see a crazy break into the new year which could climb to around $5600 before corrections start happening, use the price guides given on the charts if you wish
Other bullish factors, the Cycle of Power is in bullmode, RSI's are set high but not overbought yet, can the momentum push it up higher? Also many other TA's will see this pattern and be prepping for a bullish move but alas we shall see in next few days to week what actually happens
We also want to Thank You for your support, efforts, sharings, and banter for 2018, tough year but we made it through ok wiser and looking at making 2019 an even better one!!
Happy new year for 2019!
Peace Up!
MLB
disclaimer: this is for entertainment purposes only and not be considered trade advice
Comments and questions are welcomed below, please feel free to ASK anything!
HOW TO TRADE THIS CHART?
First like/thumbs up the chart then read below.....
Bitcoin is possibly forming a very strong and reliable reversal Inverse Head and Shoulders pattern on the daily chart
today we saw some good bids pushing price up and i feel like i can finally post this chart with some confidence of this pattern forming up...
FOR the pattern to complete we need a price move towards 4150 to break the neckline which is the GREEN line of the Inverse H&S , then its up from therein....
BUT if the price comes down below $3456 then right shoulder being lower than the left, this will INVALIDATE the formation of the pattern and cancel our trade
For potential targets for bulls we would aim using the fib levels and/or the 100 & 200 EMA's - we could see a crazy break into the new year which could climb to around $5600 before corrections start happening, use the price guides given on the charts if you wish
Other bullish factors, the Cycle of Power is in bullmode, RSI's are set high but not overbought yet, can the momentum push it up higher? Also many other TA's will see this pattern and be prepping for a bullish move but alas we shall see in next few days to week what actually happens
We also want to Thank You for your support, efforts, sharings, and banter for 2018, tough year but we made it through ok wiser and looking at making 2019 an even better one!!
Happy new year for 2019!
Peace Up!
MLB
disclaimer: this is for entertainment purposes only and not be considered trade advice
Order cancelled
price action had too much pressure downwards and pattern is not invalidated
looking at lower prices for BTC and will update ASAP on our channels
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