BTC - Inverse H&S. Short term.
Hey guys. No time for a long description on this one. Chart is self explanatory!
Inverse head and shoulders pattern looks likely to play out.
With a bounce at the neckline retest area we will have confirmation... (ALMOST CONFIRMED AS OF NOW)
A solid break below about $37,700 would probably invalidate the idea, however I personally am entering now with 10X leverage (potential 40% gain)
***As always this is not financial advice. This is an idea and speculation based off of my own research and experience***
Inverse head and shoulders pattern looks likely to play out.
With a bounce at the neckline retest area we will have confirmation... (ALMOST CONFIRMED AS OF NOW)
A solid break below about $37,700 would probably invalidate the idea, however I personally am entering now with 10X leverage (potential 40% gain)
***As always this is not financial advice. This is an idea and speculation based off of my own research and experience***
Note
BTC is at the neckline now... looking for a bounce. stoch looks good. Indicators look good.
If BTC bounces above $38,200 I'll call in CONFIRMED!
Note
Note
Calling it CONFIRMED. Might see a quick retest of 38000 area.Long position target is $39,790
Stop loss is at $37,890
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OUCH! I may have put the stop order too high. I'm re-entering with a stop loss at $37,450
If that one stops out then the targets are invalidated.
Thing is, there are multiple different Inverse head and shoulder patterns that could potentially be playing out on all different timeframes. Obviously higher timeframes are usually more reliable. We'll see.
Note
Taking some profits here at 39K (30% gain with 10x leverage)Trade closed manually
Well our MAIN target was not hit due to the Russia/Ukraine FUD! SMH...I did take profits above 39K for a majority of the position though and profited overall.
I need to re-evaluate the WHOLE MARKET though after this FUD.
I expect high volatility.
I think the "NEWS" is what will continue to drive the markets for the next 2 days especially as more developments take place with the Russia/Ukraine situation.
Definitely monitor ALL of your assets closely, both Crypto and Stocks.
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