Bitcoin Daily - Inverse H&S + signs of reversal? [BTFD]
Updated
lots going on with this chart so please ask questions, this was a new personal chart and] im happy to start sharing....
As in previous charts on bitcoin we got above 6600 and 6800 which is looking to be support now, these are key levels for bulls to take control
pretty obvious inverse H&S with the right shoulder about to form meeting the grey 55MA line after support from the 500MA from the previous day
Was hoping to get a green bar on the Vix Fix indicator this may come in the next few days if we get some momentum and solid buying over 6800+
Also with the new LT CoP indicator, we want to see it the purple line go grey and move up into the green bullish area
gann fan levels if broken up, we go into the 3/1 area and targeting the red trendline for targets.
As in previous charts on bitcoin we got above 6600 and 6800 which is looking to be support now, these are key levels for bulls to take control
pretty obvious inverse H&S with the right shoulder about to form meeting the grey 55MA line after support from the 500MA from the previous day
Was hoping to get a green bar on the Vix Fix indicator this may come in the next few days if we get some momentum and solid buying over 6800+
Also with the new LT CoP indicator, we want to see it the purple line go grey and move up into the green bullish area
gann fan levels if broken up, we go into the 3/1 area and targeting the red trendline for targets.
Note
BOOM!Trade closed: target reached
7700 bang on
Note
up we go?if 7800 breaks resistance and goes up then target 8300-8500
Note
we did break up indeed
met some heavy resistance and the gann fan trend angle and going into overbought area might mean we come down a bit before we go back up to test again
im looking at 8k(ish) buy in and targeting $9,600+
Note
looking good areas of influence are working as charted
Note
quick update...price is holding strong in the demand zone and held up by a few strong factors
obviously if the support line breaks we can start targeting 6800 and lower as lack of volume will cause price to fall if bulls cannot push it back up towards 8k leading to trend reversal into bear country once again
Trade active
today we get the CM Willaims Vix Fix Indicator showing a green bar, so its saying there is a bottom forming here
we are also nearing the bottom of the purple gann fan area and possible we could roll along this level over the weekend unless there is a big move up or down
we still have NOT closed under the red trend line albeit on the very edge, but that its bitcoin for you....
might have another different situation tomorrow, lets see
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