A bullish bear H&S chart to shake out the top buyers - BITSTAMP
Updated
Something in line with Novogratz predictions with some TA to support the idea down to $9,300-$6,000 before we get a healthy bounce up to new highs.
Short entry on a convincing break down of the $11,300 support - at least a completed 4hr candle. The first serious support from four different sources is at $9,300:
+We have the pitchfork anchored in May 2017,
+Fib levels since the Jamie Dimon market manipulation to the recent top at $19,666 (superstitious anyone?),
+Doubled cloud on daily support AND
+the psychological 10k resistance-becomes-support line.
Long entry if and when:
1. A convincing break up of $16,500 - cancelling the H&S
2. A convincing reversal after drop to $9,300 (or $6,500-ish based on H&S height but highly unlikely)
No volume on this chart but you can check on cryptowatch to see that it does indeed match the Head & Shoulders volume pattern.
Not a bear although this is my second bearish H&S chart in recent memory. I believe in BTC as the financial tech of the future, soon as we get this Segwit + Lightning enabled. Can't wait to test some of that when it comes online!
Short entry on a convincing break down of the $11,300 support - at least a completed 4hr candle. The first serious support from four different sources is at $9,300:
+We have the pitchfork anchored in May 2017,
+Fib levels since the Jamie Dimon market manipulation to the recent top at $19,666 (superstitious anyone?),
+Doubled cloud on daily support AND
+the psychological 10k resistance-becomes-support line.
Long entry if and when:
1. A convincing break up of $16,500 - cancelling the H&S
2. A convincing reversal after drop to $9,300 (or $6,500-ish based on H&S height but highly unlikely)
No volume on this chart but you can check on cryptowatch to see that it does indeed match the Head & Shoulders volume pattern.
Not a bear although this is my second bearish H&S chart in recent memory. I believe in BTC as the financial tech of the future, soon as we get this Segwit + Lightning enabled. Can't wait to test some of that when it comes online!
Note
Really glad this got canceled out, now we're safe for another great month or two of up. Next stop is 20k, after we break that, its ATHs all over again. Wohoo :)Note
Oops got excited too early and exactly at the wrong time one could say.Note
Quad Support and Support #2 held looking for a bounce, I'd buy here once we have a few more upward confirmations.
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