BTC/USD 8hour Chart Analysis
Updated
Price was showing sideways movement in the upper rectangle for around 10 days when it broke down to the lower rectangle.
Now we've had a slight bounce back up.
Will this bounce be a good opportunity for bulls? or is it just a slight bounce before it goes down further?
I believe this will be a good long opportunity.
We are in a correction wave after the A impulse.
Once this correction ends, we'll be able to see an inverted H&S pattern which will carry us back to the upper box.
Target is the middle of the upper box which is around $6600.
Volume profile shows a lot of resistance in this region.
This is also where the 240 MA is.
Our stop loss will be just below the previous low which is around $6200.
Reward/Risk ratio: 1.6
Target Profit: 3.6%
Good Altcoins to trade with: XRP BTG XMR LTC XEM ZIL
Now we've had a slight bounce back up.
Will this bounce be a good opportunity for bulls? or is it just a slight bounce before it goes down further?
I believe this will be a good long opportunity.
We are in a correction wave after the A impulse.
Once this correction ends, we'll be able to see an inverted H&S pattern which will carry us back to the upper box.
Target is the middle of the upper box which is around $6600.
Volume profile shows a lot of resistance in this region.
This is also where the 240 MA is.
Our stop loss will be just below the previous low which is around $6200.
Reward/Risk ratio: 1.6
Target Profit: 3.6%
Good Altcoins to trade with: XRP BTG XMR LTC XEM ZIL
Trade active
A little update.
We did go a little higher but we are still within the big picture.
Trade closed: target reached
We've reached target.Please give a like if you like this post.
Thank you.
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