I identified a remarkable inv. H&S in daily chart which is forming around an important BTC trend line and sharing it with you:
-It seems at least two resistance levels still are on the way to conclude BTC has been returned to uptrend by most analysts.
-One powerful is around 11700 for a long time
-The other is currently located on daily MA 200 around 9800
-A relatively big inv. H&S is forming under MA 200 as its neckline, and this makes it more interesting. Inv. H&S now is in process of shaping the last shoulder, if this shoulder touches the neckline, the target would be around 13000, above both resistance levels if successful.
This is my first idea to share, hope this be helpful in your BTC TA. If it is helpful please thumb up and comment.
K
-It seems at least two resistance levels still are on the way to conclude BTC has been returned to uptrend by most analysts.
-One powerful is around 11700 for a long time
-The other is currently located on daily MA 200 around 9800
-A relatively big inv. H&S is forming under MA 200 as its neckline, and this makes it more interesting. Inv. H&S now is in process of shaping the last shoulder, if this shoulder touches the neckline, the target would be around 13000, above both resistance levels if successful.
This is my first idea to share, hope this be helpful in your BTC TA. If it is helpful please thumb up and comment.
K
Note
looking at 4h chart and analyzing the right shoulder of bullish inverse h&s, it seems to be a symmetric triangle which in essence is neutral, but as originated from an uptrend can be considered very slightly bullish toward daily MA 200 in case of break. Further, market sentiment is still positive.
Note
overall we are in a no trade zone, as there is no strong indication of direction at this time. Just patience !Note
Due to breakout upside from symmetric triangle, the head and shoulder is ruled out now and in a few hours right shoulder of inv. h&s pointing to 13k will be complete and the greatest possibility is breaking out upside from daily MA 200 !Note
As the neckline (MA 200) of inverted h&s is angled upward, per investopedia it is enough that price action to cross right shoulder armpit hight, which is around 9750~9800 in this case, to assume the pattern is complete. When pattern complete we must wait to upward movement confirmation to enter the trade.Note
price touched the lower boundary of resistance area and retraced, a bull flag formed around 9700Note
The inverse Head and Shoulders last week identified is now complete and rocket seems is ready for fire to the destination ! with some obstacles on the way, the greatest seems to be long time 11700 resistance line.
Note
While inv h&s is complete around 9800 now, but I think passing 10k barrier which is a psychological wall and same time is exactly on daily MA 200 can take some time to pass.Note
correction: Fib retracement 0.50 is around 9600 , target could be near this; 9480 I stated above is the loose target of h&s formed.Note
9612 touched down and bounced, so 0.50 fib materialized, next fib is 0.618 is on 9510 near target of h&s i.e. 9480 , but I think it may hold 0.50 and not going lower to 0.618Note
so far price touched down 9454 (around fib 0.618) and bounced backed over 9600 and gaining momentum.But one thing to mention I think for retracement calculations it was better to base the bullish structure on 8800 than 9210 that I had based. Because 9200 range was a breakout within the bullish rally from 8800.
Note
Price pierced 0.618 and bounced back up, now consolidating around 9380 level. The inverse h&s is still valid if price action make another shoulder. If shoulder to be complete and break 10k barrier then can think of upward 13k target.plz check new update:
"Fractal , it seems BTC repeating last month breakout behavior"

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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.