BTC USD 15min possible inverse SHS pattern - Bullish
Updated
Bulls seem back firmly in control after a major pullback that swiftly drove price down to the ma50 4h (margin liquidation in play). Price dropped even a little below that, quite exactly to the first major trendline support around 34k -35k area. Please see my picture in the updates of my previous BTC idea. (see link attached to this idea).
V - shape recovery style was (and still is in my opinion) in play. I see - after some consolidation has taken place - the shape of an inverse SHS. Target could easily get over 41.000. Theoretical target is 42.000. Trade is invalidated when we surpass decisively the low of the left shoulder (around 37.200). It's a possibility market is looking for near perfect symmetry and hence stretching it.
For confirmation you could wait for a break of the neckline, but as you can see it's a neckline zone. Where are you 'confirmed'? It's easier said than done. I more often than not anticipate and wait not for that break to occur first. That's personal approach.
DYODD and safe and happy trading!
V - shape recovery style was (and still is in my opinion) in play. I see - after some consolidation has taken place - the shape of an inverse SHS. Target could easily get over 41.000. Theoretical target is 42.000. Trade is invalidated when we surpass decisively the low of the left shoulder (around 37.200). It's a possibility market is looking for near perfect symmetry and hence stretching it.
For confirmation you could wait for a break of the neckline, but as you can see it's a neckline zone. Where are you 'confirmed'? It's easier said than done. I more often than not anticipate and wait not for that break to occur first. That's personal approach.
DYODD and safe and happy trading!
Note
1min zoomWhat a nasty setup. Rough. If this resolves bullish it's the perfect TA of course.
I rather don't see the price trading below the under purple line. That would invalidate the setup and probably trigger a flush down. Auto stops there. Those broadening patterns tend to let price accelerate after a breakout.
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Nasty and rough. Stophunting below and now back in the broadening wedge and above the left shoulder low.Note
A wedgie: the act of forcibly pulling a person's underpants upwards from the back. (source: wikipedia)Flushed in a broadening descending wedge.
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The ugliest shs in the world. LOL No that setup is invalid, at least that's my approach, don't know in 'classic' textbook TA. The wedge has come to maturity though and we (at least I ) need to follow up if it can be cleared to the upside. It gives quite good entry points afterwards (on the contrary to a neckline zone imo). It's a difficult session/weekend alltogether here.
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Wedge flush extreme. Overleveraged people in this space all the time. Now high in the pattern. Lookin' for breakout. Note
Nope, not in the slightest enough power to break upside, worrisome. Wedge is so broad and steep that if we flush again this will be epic. And I don't rule it out. Ma50 4h is above us and below is the ma200. Yes, the ma200 and that's pretty far down from here. Bulls need to secure that ma50 real soon.Note
Rsi divergence ST low in play imho, target ma50 15 frame
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Target reached. Wedge is broken to the upside, so there could be more to come. But there is a bear out of the cave at the moment. ;-)Note
I don't even dare to post it after this drama of a few hours ago (and probably it's a new idea on itself). But a new Inverse SHSNote
Please let this be my worst idea ever posted on this valuable platform. In Bear territory (and I knew it, it was bear, I posted it myself)) an inverse SHS is merely a resistance level that most of the times acts as such. Hashtag psychology of trading. It's a framework for an elaborate idea, I feel it. A good Idea this time LOL. And please I hope no one reads this jibberjabber. My deepest apologies.Note
Okay. Musk has bought in cheap. Thx for thatDivergence
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