BTC potential reverse H&S in formation ? Target 5k !?
Updated
Hello Crypto cousin !!!
Xmas have been hard for all of us with BTC going down, but there is a reason why....
I've been swingtrading just before xmas and BTC drop just after, which triger my stoploss !! That was a good learning for me beeing adept of Swingtrading for increasing BTC...that is my plan !!
But what is head of us now ? Well, I think there is a reverse H&S in formation with all the TA's I'm looking for. My goal is to share some finding to generate discussion and a leanrning group here so we can all improve our knowledge for BTC and this crypto world...after all, aren't we all cousin in this communauty ?
My TA's are:
- Engulfing did form on the 25th, a strong one
- Volume look to decrease from LH to RH Shoulder
- Ichimoku is bearish
- TRending ADX is decreasing
- DMI shows on 12H that bears do have control now
- MACD is showing weakness on D and cross on 12H
Therefore, we are heading to a .618 drop level from the last peak, which should form the next RH shoulder (if happen)
Now, I did overlap 2 approach:
a) From 6K, I did sketch the fib retracement and .618 correspond to 5K level.
b) The reverse H&S give the same target zone should we project the Head height at the neck line should it form...
Bottom line, There are some great opportunities !! Should we go north at from the RH, that will be a good moment to swing-trade alt and others.
There are good opportunities to buy...ETH at -90%, XRP with all the market improvement, LTC, etc...
Dont hesitate to comment for learning !!
Cheers All
Xmas have been hard for all of us with BTC going down, but there is a reason why....
I've been swingtrading just before xmas and BTC drop just after, which triger my stoploss !! That was a good learning for me beeing adept of Swingtrading for increasing BTC...that is my plan !!
But what is head of us now ? Well, I think there is a reverse H&S in formation with all the TA's I'm looking for. My goal is to share some finding to generate discussion and a leanrning group here so we can all improve our knowledge for BTC and this crypto world...after all, aren't we all cousin in this communauty ?
My TA's are:
- Engulfing did form on the 25th, a strong one
- Volume look to decrease from LH to RH Shoulder
- Ichimoku is bearish
- TRending ADX is decreasing
- DMI shows on 12H that bears do have control now
- MACD is showing weakness on D and cross on 12H
Therefore, we are heading to a .618 drop level from the last peak, which should form the next RH shoulder (if happen)
Now, I did overlap 2 approach:
a) From 6K, I did sketch the fib retracement and .618 correspond to 5K level.
b) The reverse H&S give the same target zone should we project the Head height at the neck line should it form...
Bottom line, There are some great opportunities !! Should we go north at from the RH, that will be a good moment to swing-trade alt and others.
There are good opportunities to buy...ETH at -90%, XRP with all the market improvement, LTC, etc...
Dont hesitate to comment for learning !!
Cheers All
Trade active
BTC is in a falling wedge, in the same time Bulls and Bears are fighting as DMI is close to each other....
But on the 8H chart, we start to see a reversal confirmation. Touching the .618 fib level...that make sens !!
Is it the bottom of the RH shoulder...might be
Trade active
Beautiful bounce at the 0.618 fib level !!! Still strange to see that it bounce exactly there !
As of now, with DMI beeing positive on 8H, that show bulls are leading. Will see later on the 12H and D window...
Are we heading to the neck line ?
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